![]() ![]() Compound Interest does not create millionaires, it preserves them - Probably my biggest takeaway and realization from the book that the math just doesn't work for compound interest and early retirement.How my life / behavior / thoughts / ideas have changed as a result of reading the book. Who Should Read It?Īnyone who has read the "traditional" personal finance books like "Rich Dad, Poor Dad" or "The Millionaire Next Door" should read this book to contrast that advice.Īnyone who is looking to retire early or "Get Rich Quick" in a feasible way. It's a great primer for anyone just starting out. The section regarding building a business (Part 8) is probably one of the best summaries of the key advice on market positioning, sales & marketing, and delivery that I've seen.You most definitely have to selectively take DeMarco's advice based on your situation, but the fundamentals are solid.DeMarco dismantles most of the "traditional" personal finance advice with math.Not that this is wrong, but the math is pretty clear that it will take 30-40 years to materialize. This is a big wake up call to anyone (I include an earlier version of myself here) who has bought into the traditional advice that saving 20% of your paycheck and investing in retirement accounts will make you rich.Yes, the author (DeMarco) is brash and pretentious but if you can see past that, this book has an incredible amount of wisdom per page."Fastlane" millionaires use compound interest to stay rich not to become rich.The key to the "Fastlane" is having "Controllable Unlimited Leverage" (CUL) where you can create exploding income through assets you own (e.g., a business).The traditional "Slowlane" to wealth is investing 20% of each paycheck into your retirement account and working 30-50 years in order to retire, whereas the "Fastlane" focuses on rapid wealth creation in 10 years or less.
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