The Millionaire Fastlane by M.J. DeMarco Page B

25 years old beats the snot out of rich at 65 years old.
    Ask a youngster, how do you get rich young? Will coupons, mutual funds, and 401(k)s be the answer? Comedic, I know.
    Wealth is best lived young and enjoyed while you have health, vibrancy, energy, and yes, maybe even some hair. Wealth is best lived in the prime of your life, not in its twilight after 40 years of 50-hour workweeks have pulverized your dreams into surrender. Deep in our soul we know this, yet we continue to faithfully pledge obedience to a financial roadmap that promises wealth after four or five decades.
    And the bigger concern you should have is, does it even work?
    The global recession has exposed the Slowlane for the fraud it is. With no job, the plan fails. When the stock market loses 50% of your savings, the plan fails. When a housing crisis erases 40% of your illiquid net worth in one year, the plan fails. The plan is a failure because the plan is based on time and factors you can't control . Unfortunately, millions of people have faithfully invested decades into the plan only to discover the ugly truth: The Slowlane is risky and insufferably impotent.
    A strategy that requires your life and your dreams to be paid as penance is a sucker's bet. The Slowlane arrogantly assumes that you will live forever and, of course, be gainfully employed forever. Unfortunately, wheelchairs don't fit in the trunks of Lamborghinis.
    Slowlane Mindposts and Missives
    Over time, the Slowlaner collects and espouses a series of mindposts reinforced by credible sources. Mom and Dad say go to college, graduate, and get a job. Bestselling author David says, “Stop drinking expensive lattés.” Suze says, “Open a Roth IRA and contribute 10% of your paycheck.” Ramsey says, “Snowball that debt.” All these missives formulate the Slowlaner's mindposts, a journey to wealth that consumes a lifetime.
    Debt Perception:
Debt is evil. It must be religiously attacked, even if that means working overtime for life.
    Time Perception:
My time is abundant and I will gladly trade my time for more dollars. The more hours I can work, the more I can pay off my debt and save money for retirement at 65.
    Education Perception:
Education is important because it helps me earn a bigger salary.
    Money Perception:
Money is scarce and every dime and dollar must be accounted for, budgeted, and perilously saved. If I want to retire by 65 with millions, I have to ensure I don't squander my hard-earned money.
    Primary Income Source:
My job is my sole source of income.
    Primary Wealth Accelerator:
Compound interest is powerful because $10 invested today will be worth $300,000 in 50 years. Oh yes, and don't forget about mutual funds, home appreciation, and my employer's 401(k).
    Wealth Perception:
Work, save, and invest. Work, save, and invest. Repeat for 40 years until retirement age … 65 years old or, if I'm lucky and the markets return 12% yearly, maybe 55!
    Wealth Equation:
Wealth = job + market investments.
    Destination:
A comfortable retirement in my twilight years.
    Responsibility &Control:
It's my responsibility to provide for my family although for that plan to work I have to rely on others, including my employer, my financial adviser, the government, and a good economy.
    Life Perception:
Settle for less. Give up on big dreams. Save, live frugal, don't take unnecessary risks, and one day I will retire with millions.
    So how do you know you're being sold the Slowlane? The following lists the primary munitions indigenous to the Slowlane roadmap.
     
Go to school
Get good grades
Graduate
Pay yourself first
Overtime
Corporate ladder
Save X% of your paycheck
Contribute to your 401(k)
Invest in mutual funds
Buy and hold
Paychecks, pensions, benefits
Diversify
Raise your insurance deductibles
The stock market
Say “no” to expensive lattes
Be frugal
Get out of debt
Clip coupons
Cancel your credit cards
Dollar cost averaging
Get an advanced degree
Pay off your house early
Your home