First Insight

Few books can challenge conventional wisdom like The Millionaire Fastlane. MJ DeMarco dismantles the myths taught in schools and lays bare the harsh truths of our society. The book is around 5 hours and 30 minutes long, but its essence can be boiled down to one crucial idea: the only legitimate way to build wealth is by creating valuable products or services.

While seemingly straightforward, this principle encompasses several ideas that have dramatically reshaped my life in just three years. Let's explore the first principle:

1. Prioritize Production Over Consumption

Jeff Bezos once remarked, "Produce more than you consume." This wisdom holds immense value. If everyone focused more on producing than consuming, we would all achieve greater wealth.

Consider this: where do your essentials come from—food, housing, technology? They stem from the efforts of individuals who produced them.

Ray Dalio highlights the existence of two economies: a fictitious financial economy and a tangible real economy. The former revolves around money and debt, while the latter is about actual goods and services exchanged for money.

Imagine you are the sole survivor in a zombie apocalypse. What would you seek? Money? No, you would want food, shelter, and protection. In such a scenario, currency loses its value, and it’s the tangible goods that matter.

This insight leads to the understanding that creating valuable products is paramount. It doesn't matter what you produce—food, entertainment, shelter, or services—as long as it holds value and someone is willing to pay for it.

By producing, you generate wealth for yourself and society simultaneously. As Nassim Taleb wisely states, "the world needs entrepreneurs." They are the driving force behind our civilization's progress, which explains their financial success.

In contrast, the majority of people focus on consumption—constantly wanting to buy the latest gadgets or experience the newest entertainment. Rarely do they think about creating value, often equating it to hard work.

Thus, by diligently working to produce something of value, you enhance your wealth and contribute positively to society. This creates a symbiotic relationship—beneficial for both you and your customers.

To produce freely, you must abandon the notion that others will do it for you.

2. Breaking Free from Hierarchical Constraints

One of the significant drawbacks of the education system is its tendency to condition us to comply with authority, stifling any sense of initiative. This environment cultivates a sense of dependence on governmental systems for survival.

Interestingly, a historical perspective helped me overcome this "need for protection." I once saw a meme that praised ancient Roman engineers for their impressive road constructions, contrasting them with modern graduates who struggled to build a road that wouldn't require maintenance.

What does this imply? The structures we rely on today—bureaucracies, legal frameworks—are relatively recent developments. Our civilization’s growth stemmed from individual initiative and the drive to innovate.

Today, the government provides a safety net through education and social services, which can inhibit our willingness to take risks. This fear often leads to thoughts like, "What if I leave my job, fail, and end up homeless?"

Both communists and libertarians critique the system, albeit with different solutions. The reality is that the system was created by humans, not the other way around.

Even historical figures like Goodyear, who faced financial hardships, managed to survive through resourcefulness. Society has conditioned us to willingly participate in a system that prioritizes safety over freedom.

Authority thrives on fear, and once you realize there’s nothing to fear, you can reassess your situation and plan your escape.

Ask yourself: what distinguishes a first employee from the founder who hires them? The answer is initiative. Both may possess comparable skills and motivation, but it’s the founder’s initiative that sparks progress.

3. You Are Your Most Valuable Asset

While it’s possible to become wealthy through investments, the reality is that most successful investors are exceptions rather than the rule.

Consider Warren Buffett—only 10 of his 450 investments generated 87% of his wealth, giving him a mere 2% success rate. The statistics for startups are similarly grim, with 90% failing.

So why gamble your hard-earned money on someone else's venture? Investing is not primarily about becoming rich; it’s about preserving wealth.

However, there’s one investment that guarantees returns—yourself.

Investing in your personal development yields consistent returns. For instance, the benefits of a €30 gym membership far outweigh the potential gains from investing in stocks.

If you aspire to grow, you must prioritize self-investment. This includes enhancing your skills, acquiring useful tools, and networking with like-minded individuals.

Additionally, investing in your health is crucial. Don’t shy away from purchasing nutritious food or joining a gym. Quality sleep and a conducive living environment are also vital investments.

Lastly, consider your long-term happiness. Invest in clothing that boosts your confidence, pursue hobbies that bring joy, and don’t hesitate to seek quality grooming services.

While these investments may seem costly upfront, they often yield significant returns in the long run. For instance, I reinvest the earnings from my writing into my blog, which has doubled my readership within months.