Ep 109: Breaking Down the Path to Wealth: Insights from 'The Millionaire Fastlane'

Welcome to the third generation of Warcast. This is episode 109. I am your host, amigo Stimul. I appreciate you taking the time to listen to this podcast episode. As you could be doing anything in this world, the fact that you are listening to this podcast episode is much appreciated. First of all, I would like to say thank you, as I always like to open up the podcast For any new listeners. I appreciate you listening to the podcast, as I have no list of downloads, so any new listeners to the podcast, they may introduce myself to you. My name is Amir Estimul and, again, I am the host of the big generation of Warcast. This is a podcast where we talk about finance, we talk about repair, we talk about wealth, anything that is related to generational wealth. So if you are first time listening, welcome. Hopefully this podcast is of content to you that you can be able to share this podcast and subscribe to the podcast, as this podcast will be launching not launching, but will be recorded and published every Wednesday at 3pm Central Standard Time. So every Wednesday, 3pm Central Standard Time, you will be giving a new podcast episode. Okay, all right, so let's go ahead and get that out of the way. Let's go ahead and jump into the podcast episode. So today's podcast episode is a basically a summary of a book I've recently read called the Millionaire Fastline by NJ DeMarco. Now, when I first I contemplated this book for a while actually just listening for a little while I was not sure if I was enjoying this book, like this book. The reviews were mixed, I wasn't sure about this book. But let me tell you something If you listen to the book, listen to this book with an open mind, because this book is actually probably one of the best of the books or books that I've purchased that were actually I really enjoyed, because the book basically break down the how you get wealthy, how you get rich, or every movement Okay, and I thought this book brought was very valuable. There was a lot of nuggets in this book. This book was very dense. It's very long it's probably been 12 hours or something like that around the book. It took me a while to listen to the book and let me tell you after I'm actually almost done with the book we only got one more chapter to go. I've learned so much in this book. I've learned a lot in this book. So let's go ahead and jump into the five key lessons I've learned in this book. Number one again. So this book it's. There's differences of opinions in this book. Some people may feel offended, some may not teach his own. Okay, be very open minded when listening or reading this book. Now, the five key lessons that I learned in this book. Number one was there is three types of people. Now there is the sidewalk. Now the sidewalk is someone that is living paycheck to paycheck. Their mentality is to look rich. An example of that would be Instagram, any social media platform, twitter, whatever I don't think it's Twitter anymore, it's X, I think it changed the name and someone who maxes out their credit cards. Or someone who keeps chasing job to job. This is someone that is looking living paycheck to paycheck, wants to look rich, but instead of being rich. Now, again, going back to social media, you see a lot of these people, now so called influencers, and they portray a lifestyle of what I'm traveling the world, I'm living in a big house and all that, but they are actually poor. They are living in the side. Or they are someone who has a job and is chasing jobs. So you're going from one job to another because time is involved in this. Therefore, you are living a side. So you're not actually someone who's rich, you're just being your academic. So if you are in this space, you are considered someone to decide what. The second lesson was the slow link. Now, the slow link is someone who's who's a mediocrity. This is someone who's like worse at nine to five job and thinks they can get rich off their job. I recorded an episode a while back, though I can't remember the name, but I'll put it in the show notes on the one side to figure it out. I asked the question was can your job, can you pass your job to the next generation? And, to be honest, the answer is no, you can't pass a job. I remember a few years ago because if you did. If this is your first time listening to this podcast, I will give you a brief story. So I'm currently in IT, but I would probably say I'm more or less pursuing an IT entrepreneur. So I actually have side gigs that I didn't want to sign because eventually I'd like to leave my mind at five. It's not something I want to do forever and I remember I'd probably say about two years ago, maybe even a year ago, it could be something like that I had someone in my team that passed away Literally, I would say. Not even a week later they were already feeling his position. So it goes to tell you a job doesn't care about you, they will replace you in a heartbeat. Okay, and the person who's in this slow lane is like they believe well, I can get rich maxing out my 401k or investing or in the stock market I can get rich. But what you don't realize is in the 401k and in the stock market you don't control what happens. Because how, what did you remember in 2008? If you were rounding 2008, what you remember, right, was many people had 401ks that lost 50%, sometimes all 100% of the value. They lost all their money in the market. So you don't want to just put your money all in one basket, right, which is a 401k or the stock market. You want to be able to diversify, and this person here believes hourly time, hourly wage, time, hours, work to the job equals your yearly salary. So if you you know whenever, if you get paid $20 an hour times, how many hours for your hours that's like 800, you believe you can actually be rich, right? So this is something that's slowly or yearly salary. Your job gives you a yearly salary. You believe you can be rich, but this is actually a slow way. The third person is the fast lane. So this person actually builds systems. Okay, and, for example, amazon is considered will be a perfect example. They built a system of just a distribution system. So to the point now you can actually order something in Amazon and if you have the Amazon Prime, you will get that your product either the same day or the next day. Okay, or like in McDonald's, how they built the system. There's not a McDonald's. You don't go to where they don't have hamburgers, they don't have the same food, same fries, etc. Etc. So a fast lane is someone who builds a system and a business and that's how they get rich. So those are the three types of people. Now, now he goes on to talk about the five commandments and I'm going to go ahead and talk about it. So the five commandments would be number one, the commandment of me. An example would be, for example, a business right that's, you're not starting a business because of Doing what you love, you're because people don't care about what you love, people care about what they need. Then you have a problem that needs to be solved. That is why you build a business. You don't build a business because why I love this and I'm passionate about this. This is why I'm building this business. I'll give a quick example. I remember a Jamaican restaurant that opened in my city and I want to see my seat, but the city that's near us. I live in Dallas, texas, but this was in the Metro classical, one of the suburbs called Frisco. So this business opened up and I remember I was telling myself, I said, the area they open this business, it's not a good idea because, number one, if you don't really know about Jamaican food, you're not really going to try. Right, you may, you may not depend, right, but that area not only was competition, but the area itself, they are not familiar with the food. So therefore, it's not, you're not going to get that type of business. Now, if they had opened this business and let's say, example, south Dallas this would have been a better idea Because in South Dallas there's a different population, dip, different demographic there and they are more aware, cognizant, of Jamaican food. Needless to say, I Think the business shut down either during over or before COVID. I remember going back and then another thing too was I I actually went there a few times and I gave a chance the first time, the second time, the third time after third time. So this is not the food wasn't good that Jamaican food is Enraged. It's spicy, it's good, right, but it's like a done the food down to fit their population when they should not have done that. They should have kept it and kept it authentic, right. So, needless to say, the business shut down. So that's or you can't go open as a clothing store in the area as predominantly and Made you probably a bunch of old people there. So you're not going to get that type. You're not going to get that. That's not a business, that's not a need. So that was one of the commandments. Commitment number two venture you want to enter a, you want to. You want to enter business with a very ventures high, not low. For example, someone starting a business on tick tock, that's a low entry. Or someone starting a business on Facebook, that's a little low bearer ventures, because everybody's really doing that right, but not everybody is Doing Amazon or where you can say drop shipping or not everybody's, that's a. That's a business that has a Bearer of entry. That is hot. So therefore, you're not going to get many people that's going to copy your business. Okay, well, anybody can copy where, let's say, you were started YouTube channel. You want to start a YouTube business, affiliate marketing, the bearer of entry is very low. Basically anybody can do that. Okay, so this would again, this would prevent someone. We're in a podcast. That's a low bearer of entry, right, because Anybody can start a podcast and I'm I started a podcast and I'm person that started podcast. But the thing is about, when it comes to that business, right, even though you may start it, not everyone lasts. I've been doing podcasting on and off for three, three years now and I don't know how many podcasts started. They recorded four or five episodes and then they realized how difficult these and they quit. So the thing about is, with this, with this commandment, I Think it's twofold. One, yes, it could be a little like a business, like Podcasting. Youtube could be a low bearer entry, but is someone going to be consistent enough to stick to it? That's going to be the key, okay. The third commitment is the command of control. Now, if you build your whole business model on a platform Facebook or YouTube or TikTok or whatever you don't have control. Or even affiliate marketing or even multi-level marketing. You don't have control. What happens. Because, for example, like affiliate marketing, you can Promote a product, the affiliated the product and you promoted and let's say, that company gets bankrupt. Well, there you go. Another one is multi-level marketing. You make money based off what your down line is making. If your down line makes no money, you don't look no money, so that's nothing. That's something you cannot control. What you can control is if you do build a business Like something like Amazon. But if you do build a business, that is, but you want to build a business of social media, what you want to be able to do is capture there were emails and put it into a database. Because if you ever for any chance to shut down on YouTube, get shut down on and you get shut down on, not Amazon, but you get shut down on any social media platform. You actually have an email database that you can still Push your content to Versus. If you do get shut down on a tick top or something, you don't control that. So this board. You don't want to build a business where it's relying on somebody on something else. You want to be able to even know you can have a hundred million followers. I'm just being I'm just being extra here, but you can have a thousand followers, ten thousand followers, but what you want to do is you want to be able to take those followers off the platform you're using and Send them to your email database. Okay, your next is the commandment of scale. The commandment of scale would be an example of someone who's Doing a barber shop. Right, they got a barber shop. You're cutting hair $10. That's hard to scale a business like that versus If they were able to take this city, open a business in one area and they open this business different locations, maybe, different city, but you can be able to scale something like that. But if all you're doing is coming in and cutting hair coming in and cutting hair, cutting hair, cutting hair, it is it's hard for you to scale that business. So, versus like McDonald's, mcdonald's can scale because there's a McDonald almost in every corner. Right, every corner is a big dollar shit delay. You can scale that business. I remember in the area I live, mcdonald's came in the area, burger King came in the area, wendy's came in the area, so you can scale those businesses, okay. So you want to be able to build something that is scalable, Like a software business or even a content business. Those are scalable. And also he talked about the law of infection. So what the law of affection is is to be rich, to be wealthy. You want to be able to pack a Lot of people, okay. So if you're packed a million people, you're gonna be wealthy. If you don't, for example, amazon. Amazon impacts a lot of people, so that's why Jeff Bezos is what I think. He's the second richest man in the world now. Even Musk is another one. Tesla, he's the richest man in the world. I'm not sure, I don't know if they are rich and I don't really care, but that's an example of someone. Because they impact so many people, therefore they're able to be rich. Okay, so that's the law of affection, which ties into the commitment of time, which is the next amendment. This one here is if you have to show up to a job or your business every single day, your time is tied to your business, which means you don't have a business. You got a job. I have family members who open the business and Guess what they have to be? They are working in the business, not on the business. So that would be if you want to check out this book called the emith Okay, the e-miss by Michael Gerber, if it his name is, that he explains that in perfect what that is command having time. You don't want to build a business where you're working in the business. You want to build a business where you're working on the business. You don't want to, where you have to show an example, probably like podcast, my podcast. If I don't show up on this podcast, yeah, I can probably get downloads, but eventually what's going to happen? The download numbers run and go down and down the down, because I have to come here, even though I enjoy. I enjoy podcasting, so that's why I do this. Right, but if you don't, if you have to be in, you have to also always show up to your business. Therefore, you're violating the command of time. Okay, so therefore, you don't have business. You have a job, okay, and then the fifth takeaway I got out of this is you want to build a. Actually, before getting in the fifth takeaway, another one I liked out of this book was he talked about how, in society, we are trained to be consumers, not producers. Okay, for example, you go on social media, you're on a tip, talk of your YouTube. Wherever you're scrolling, scrolling, scrolling Hour, two hours, three hours, all you're doing is consuming content. You're not actually producing content. You want to change your mindset from consumer to producer. An example would be like If you were to go McDonald's you don't want to just go order whatever. I'm sorry if I'm using McDonald's as an example. I don't eat McDonald's and I haven't eat McDonald's in years, but I like. I like their business model. Okay, now McDonald's, you just go in there, you order your meal and that's it right. What you want to think about is how, for example, who manufactures the product, the? How do they get their supplies? Okay. How does who makes their food? Okay. These are the things you want to think. Are you gonna think of more high level versus Okay? If you look, you go to, let's say, you look at their packaging, man, how the packaging. I could find packages, package this a lot better, right? So McDonald's would be a perfect example. Instead of saying going in there just buying the food, look out the business model. How are they Staying in business? How is it that where you doing Okay, where they getting supplies from whose Manufacturing? Who's your supplier? These type of things you want to think about. So you want to go from produce. You're gonna go from consumer mindset to producer. And the last but not least he talked about was Build a brand, not a business. Okay, for example, coke is a brand Because if you build a brand, you will be rich, you will stay. A business does not last long Because what happens is they're not a brand. For example, I'm not a big soda drinker, but when I do, often, once in a while, have a soda and that what I mean by that, if you like, once Every three months, guess what I'm buying? Coca-cola because they're brand. Coca-cola's brand is is a powerful brand. It's all over the world and now that Cola, when you get there, whatever you order, you like their stuff. No, you may some people that might be Pepsi person. Right, you don't want just build a business, you want to build a brand because a brand is gonna last long. Okay, and another thing he talked about this is a bonus is he talked about why he enjoys getting customer complaints? Because it gives him an opportunity to get better. There are some companies they don't. They don't, they don't really Want to get any reviews, any bad review. They just want to sweep it on the road. You don't want to do that because he talks about he said that in the book he mentioned how you want to have an army of of work for. He said you want to have an Army of people to. You want to have ambassadors for your great HR, human resources. You want to have human resources. That's what he used is because you want people to talk good about your business. The more good you have, people are spreading the word about your business and even if you do get bad, you get a bad review. You get a customer complaint and investigate that complaint. Just don't sweep it on the road. Okay, he talks about that. He talked about how your people need to be buying because you can't be into business All the time. We just can't be there. But if he talked about, he gave an example the hotel in Vegas. How he went to the thing was real and I came over the other hotel in Vegas but the one that was not, as I I can say, classy. The real, he said, was not, didn't look as it, didn't look all, didn't have all the bells and whistles. Their customer service was so much more better than the other one. I think it's a mission hotel, I'm not sure. Whatever it was in Vegas, it's um, that hotel Is accurate, floors look all nice and all that, but they had the worst customer service and he said that he would never come back to that hotel again. And I remember there's a restaurant I'm not going to say its name, but me and my wife first moved to Dallas and our family we went to this restaurant and our first time this was my first time I can honestly say I experienced I don't know if it was just I. Some will say it's racist, okay, because I remember we came in there and we sat down there and we waited for like 35 minutes. Never got water, never got cups filled. We had to wait the waiter down and say, hey, you are going to take our order? Never. And then happened to be an older lady come in, literally maybe 15 minutes after us. We said now she got her cup filled. She was a white lady. She got her cups filled and she really got her. Men, why we never got it? Finally I got on to the manager and said, hey, what is going on here? We've been waiting for our last to two point. Me and my wife were so upset that we got up and left. So we just thought, okay, maybe just that location. We went to another location and was something similar. So that tells me it's not just the location, it's the culture, because you can have it on one location but you can't have that two, three locations. And this happened twice, because it's definitely not me and my wife. To this day it's been probably five years since we ate at that location and we never went there again and I told her I would be in rehearsal. We never come back here. It's because of the service we got. Now could it be that maybe it was just it was a bad day or whatever, who knows? But one location, okay, two, nah, four me once. Shame on you, four me twice, shed on me. So, therefore, so, therefore, you know, I never went there. So when he said that, I thought that was intriguing because that was my experience at this restaurant. So, to wrap it up, this was a very good book. I would recommend this book because it had a lot of nuggets. It's a long read but there was so much you can learn at this book, you know, especially the five commandments he talked about, talking about law and affection. He talked about the law, especially the law of me. That's very important. So if you're starting a business, start a business to solve needs in a problem. Don't start a business because what you love, okay, so that. So that was very intriguing to me, but I would recommend this book. So hopefully, again, this was a value to you and this was my favorite content. Again, I recommend it. There's no affiliate marketing here or I'm not affiliated with MJ DeMarco, and whenever I just thought it was a good book and I wanted to share that with you guys. Okay, I appreciate you guys. Tune into the podcast next week. Much love と.