00:00- All right, so in this video,
00:01I'm gonna summarise some of
the insights from this book,
00:02The Millionaire Fastlane.
00:03I thought that this
was gonna be really bad
00:05when a friend recommended it to me.
00:07And then this friend said,
00:08"No, trust me. Ignore
the click-baity title,
00:10The Millionaire Fastlane,
00:11and read the book because
it's genuinely really good.
00:13And it is genuinely really good.
00:14This is probably the single
best book I have ever read
00:17on how to build a
business that makes money.
00:20And so in this episode of Book Club,
00:21which is the series where we
distil and discuss highlights
00:23from some of my favourite books,
00:25we're gonna be breaking down
five key lessons from the book.
00:28And also, the five commandments
of building a business
00:30that MJ DeMarco talks about.
00:32How to get rich quick.
00:33Now, the first important
lesson in the book
00:34is that we want to avoid the slow lane.
00:36And the point that our
friend, MJ, makes in the book,
00:38is that "get rich quick"
00:40is often seen as, like, a scammy thing.
00:43Oh, it's a get-rich-quick scheme.
00:44But actually, it's not
get-rich-quick that's a problem,
00:46it is get-rich-easy.
00:47Like it is very possible
to get rich quick,
00:49and that is why we're talking
00:51about The Millionaire Fastlane.
00:52It's very possible to get rich quick,
00:53but it's not at all
possible to get rich easy.
00:55And so, if someone is trying to sell you
00:56that it is easy to get rich,
00:58that is a scam and you should avoid it.
00:59And one of the interesting
things that he talks about
01:00in the book is the idea that
01:01there are three paths through life.
01:03There's path number one,
which is the sidewalk.
01:05This path to the slow lane,
01:07and path number three, the fast lane.
01:08The sidewalk is basically where people
01:11who are living paycheck to paycheck live,
01:13people who don't have a lot of money.
01:15I'm not gonna talk about it too much.
01:16It's a bit disparaging.
01:16It's very American style.
01:19Sort of very brash way of
describing it that he does.
01:21Like, you know, "If you're
living on the sidewalk,
01:23then you're living paycheck to paycheck."
01:24And like, "Your life is screwed
01:25because you believe that
01:26the government is screwing you over,"
01:27all that kind of stuff.
01:28We're not gonna talk about that too much.
01:29There are a few bits like that in the book
01:31where you have to kind of read
01:33or listen to it with a
little pinch of salt.
01:36But I think the second path through life,
01:38the slow lane, is interesting.
01:39Because if you follow the slow
lane, you can still get rich.
01:43And the slow lane is generally,
if you're watching this,
01:45probably your parents' generation
stood by the slow lane.
01:48The idea of the slow
lane is that, you know,
01:50You get good grades. You get a decent job.
01:52You work your way up
the ladder in your job,
01:54whatever your job is.
01:55You save some percentage of your paycheck.
01:57You put that into investments,
01:58maybe in the stock market,
if you're particularly rogue.
02:01But probably, you know,
02:02you should invest in
property and real estate
02:03because property is a good investment.
02:05And over time, eventually,
02:06you will have enough of a nest egg
02:07such that when you retire,
02:08then you will be rich.
02:09And you can enjoy your retirement
02:10at the age of 65 when
you have osteoarthritis
02:12in both of your knees.
02:13That is, basically, the
idea of the slow lane.
02:15And he talks about how
there are three traps
02:17that we can fall into,
02:18which will end up keeping
us on the slow lane.
02:21The first trap is that life
02:22in the slow lane looks
like it's pretty safe.
02:24You can think that, "Okay,
once I get this job,
02:26then my life is pretty safe
02:28and I'm pretty sorted."
02:28But if the pandemic
has taught us anything,
02:30and if, you know, the way
the world is at the moment,
02:32A: it's actually not that safe.
02:34You actually could lose your job.
02:36If you're, fine, if you're a
doctor or something like that,
02:38where you're unlikely to lose your job,
02:40that's still pretty safe.
02:42But even so, what he says
is that there are a tonne
02:44of other unexpected events
that happen in life.
02:46Like if there's a market
crash like there was in 2008,
02:48or if you have kids,
02:48Or if you get divorced.
02:49Or if you have a health problem
02:51and you live in a stupid
country, like America,
02:53where that could potentially bankrupt you.
02:55There are all of these fairly
common, unexpected events
02:58that can happen in life that make life
02:59in the slow lane not
actually as safe an option
03:02as it might've been for
our parents' generation.
03:04The second trap that
Slow Laners can fall into
03:06if we build our intrinsic
market value enough,
03:09then we will get rich.
03:10So, for example, these
are the people who think,
03:11"Okay, I've worked my job for two years.
03:14Now I'm gonna go and get an MBA
03:15and pay like however many
tens of thousands of dollars
03:18Because then once I have that degree,
03:20then I will be worth more
to my future employer."
03:23But the problem with
that style of thinking
03:24is that it's not really
the fast lane approach
03:27It is still, ultimately,
trading your time for money.
03:31If you get you that extra degree,
03:32if you get that extra qualification,
03:33your time will be worth more.
03:36maybe even significantly more,
03:37but ultimately, you're still just
03:38trading your time for money.
03:39And that is a very slow-laney way
03:41to approach building wealth.
03:42And the third trap that
Slow Laners can fall into
03:44is just not even believing it's
possible to get rich quick,
03:47unless you're super
lucky or super talented.
03:48But, as MJ says, even if
you can't get rich easy,
03:51which is not a thing,
03:51you can get rich relatively quick,
03:53if quick is 10 years.
03:5610 years is the definition
of quick, which to be honest,
03:59when we think "get rich quick",
04:00we're thinking a few weeks.
04:01That is not a thing.
04:02What he's arguing for
04:03is a process that will take
probably around 10 years
04:09And that is actually quick, in his book.
04:10And that brings us on
to lesson number two,
04:12which is to work the process.
04:13Now in the book, he talks
a lot about how wealth
04:17Like, getting rich is not
this sort of binary thing
04:19where one day you're
living paycheck to paycheck
04:20and the next day suddenly
you've got millions in the bank.
04:22It is a longer drawn-out process
04:24that takes usually many years to do.
04:26But the problem is that the
media often reports wealth
04:29and those are the stories we latch on to.
04:30One of the stories he talks about
04:31is this guy, John Darius Bikoff,
04:34who founded Glaceau Vitamin Water in 1996.
04:3611 years later he sold the company
04:38to Coca-Cola for $4.1 billion.
04:41And in that 11 year long story,
04:42the thing that people
remember is the event.
04:44But what they forget is
the process of 11 years
04:46that took so long to get to that point.
04:48Therefore, wealth
building is not an event,
04:50And it's exactly the same thing
04:51with building a creative business,
04:52building a YouTube channel.
04:54You know, it's easy to see creators
04:56and their overnight
successes, and all that jazz.
04:57But you don't see the five
years they spent making videos
05:00that no one was watching
to get to the point
05:02where they could then have the "event"
05:03of the overnight success.
05:04All right, so lesson number three
05:05is to build money trees.
05:07Now we've all heard that phrase
05:08that money doesn't grow on trees.
05:09But what he says in the book
05:10is "Money does actually grow on trees,
05:12provided you build a
tree that grows money."
05:14So what does this mean?
05:15He says in the book that,
05:16"Money trees are business systems
that survive on their own.
05:18They require periodic
support and nurturing,
05:21but they survive on their own,
05:22creating a surrogate for
your time for money trade."
05:24Basically what we're doing
is we're building a business.
05:26We're building this money tree where
05:27the amount of wealth we can
generate is not directly tied
05:30to the amount of time that
we're putting into it.
05:32This brings us onto the next question,
05:33which is how do we actually
build a money tree?
05:34And he talks about, there's
like four or five different
05:37types of money trees that
we could potentially build.
05:39The first one is that we
could build a rental system.
05:42And a rental system is basically anything
05:43that involves renting out
something that you already own.
05:46So if you have a bunch of
real estate properties,
05:48and you rent them out,
that is a rental system.
05:50The problem is it's very
hard to get to the point
05:51where you have a bunch of
properties to rent out,
05:54'cause you're already
probably rich at that point.
05:55The other way of building a
rental system is by licencing.
05:57For example, if you're a musician
05:59and you want to licence your audio
06:01that other people can use.
06:02In a way, they're paying you rent
06:03for this thing that you own.
06:04Secondly, what you could do
06:05is you could build a distribution system.
06:07Now this is basically a system
06:08that connects people who want something
06:10with the people who are
supplying that thing.
06:11So for example, Amazon
is a distribution system.
06:14It connects buyers with sellers
06:15and Amazon is the middleman.
06:16And therefore, if you build the middleman,
06:18if you build a distribution system,
06:19you can get really, really,
06:20really, really rich.
06:21Now interestingly, one really
great distribution system
06:23is a company like AppSumo,
06:24who are completely coincidentally
sponsoring this video.
06:27AppSumo is run by my friend, Noah Kagan.
06:29It's ridiculously great company,
06:30and what they do is that they give you
06:32the best deals in software.
06:33Their model connects
people who want software,
06:35people like me and you probably.
06:36If you're watching this,
06:37you're interested in
software just as much as I am
06:38with the people that want to sell software
06:40that have software that they want to sell.
06:41And they give you that software
in a way that's either free
06:43or just, like, amazingly well-priced.
06:45Every week, there's new
deals added to the website.
06:46And it's not just software,
it's also online courses,
06:48It's also education.
06:49And so if you want to learn anything
06:50in this how-to-build-a-business sphere,
06:51AppSumo probably has it covered.
06:53And the whole vibe of AppSumo
06:54is that it's very like indie hackers,
06:56start-upy kind of vibes.
06:57They do have a couple of tools
06:58that are suited for enterprises.
07:00Mostly it's aimed at individuals
and small businesses,
07:02which is probably the
type of business you want
07:04to make if you want to
get rich quick using
07:05The Millionaire Fastlane.
07:06And I'm even recording
this to you from the future
07:07to tell you all about their
Black Friday giveaway.
07:09So last year on Black Friday,
they gave away a Tesla,
07:11which was pretty cool.
07:12But this year, they're giving
away a million dollars worth
07:14of stuff to entrepreneurs,
07:16not who buy their product,
07:17but who list their own product
on the AppSumo marketplace.
07:20So if you have a product
that you want to sell
07:22on the AppSumo marketplace
07:23and you list it somewhere
07:24between now and November 17th, 2021,
07:26then the first 400 people,
just to list a product,
07:29will get $1,000 of free money
07:31from the AppSumo team.
07:32And the next 2,000
people to list a product
07:34are gonna get $250 completely for free.
07:36You don't even have to make
any sales of your product.
07:38You will just get that
free money in return
07:39for just listing your
product on the marketplace.
07:42And then everyone who
enters of those 10 people
07:44will be lucky dipped to get $10,000,
07:46which is also pretty sick.
07:48So if you've got any
kind of digital product
07:49and you want to stick it on AppSumo,
07:50you can check out the marketplace
07:51to see what things you want to buy
07:53because they're all discounted.
07:53But you can also sell
your thing on AppSumo
07:55and it's pretty easy.
07:56You just submit your product,
07:57you go live with it,
07:57and then you get paid.
07:58So again, if you list your
product on AppSumo marketplace
08:00up until November the 17th, 2021,
08:02then you can grab your share
08:03of the $1 million giveaway fund.
08:05And you might be one of
10 people lucky enough
08:07to win a check for $10,000.
08:08If that's up on your street,
08:09hit the link in the video description,
08:10you can check out all the products.
08:11And you can potentially
sell your own things.
08:13So thank you, AppSumo,
for sponsoring this video.
08:15All right, thirdly, when it
comes to building a money tree,
08:16we have a software system,
08:18But it is five o'clock and I
have a Zoom call to attend.
08:20So I will be right back.
(claps hands)
08:22All right, we're back.
08:23We've got a slight change to the lighting,
08:24but the third type of system
08:26that you can make to make this money tree.
08:27I'm so glad. I'm so glad that worked.
08:28I really hope this is
gonna work in the edit.
08:31Anyway, the third type of money tree
08:33we want to create is a software system.
08:35Now, that's pretty standard.
08:36You make the software once
08:37and then you can charge
people for the software
08:39or for the digital product.
08:41And then you can make money
08:42multiple times because
the cost of distribution
08:44and the cost of replication
is effectively zero.
08:46I've made a bunch of
software products in my time
08:47when I was in med school.
08:48I built something called
BMAT and UCAT Ninja,
08:50which was like a software platform
08:51that helped people get into med school
08:53by helping them prepare for the
med school admissions exams.
08:55One of my YouTuber friends, Oliur,
08:57managed to make $9,000 in a single week
08:59by selling icons that he designed.
09:01So that's a digital asset.
09:02He puts the work into creating it once
09:03and it's sort of like a software system
09:05whereby other people
can just buy the thing
09:07because it is, ultimately, software.
09:08And the fourth system that
our friend, MJ, talks about
09:10is my favourite kind.
09:11And that is the content money tree,
09:12the content system, where basically
09:14the idea is you create content.
09:16So if you write a book,
or make a YouTube video,
09:18or write a blog post,
or make an online course
09:21ultimately, this is all content.
09:22It takes an investment of time and effort
09:24to write the book or
create the content once.
09:26But then you can sell
it to multiple people
09:28further down the line.
09:29And similar to the digital stuff,
09:30it has basically zero cost of replication
09:32and distribution, assuming
it's on the internet.
09:35well then, there are some
costs associated with it.
09:37But it's still broadly
a way of making money
09:40that's not tied to your own time.
09:43like two years ago now,
a year ago, or something,
09:45I made a Skillshare class
about how to study for exams.
09:47And that class brings in about
$10,000 every single month
09:51in pure passive income.
09:53I basically do nothing to promote it.
09:54By the way, if you have exams coming up,
09:56check out my Skillshare class.
09:57It'll be linked for free
in the video description
09:58if you want to check it out.
09:59But it's amazing how
you can just do the work
10:01to make something once.
10:02Although, in fairness,
10:03I was creating study-themed
content on YouTube
10:05for two years before I made that class.
10:06So again, it wasn't a
get-rich-quick scheme.
10:09It wasn't a get-rich-easy scheme.
10:10But it was like a money
tree that built up over time
10:12and has now helped pay
the mortgage on my house.
10:15So we've talked about
the four different types
10:18but what MJ says in the book is that,
10:19and what's obviously true,
10:20is that it's not that easy
to build one of these.
10:22You don't just magically
have the ability to do that.
10:25And one of the ways that you
can is lesson number four,
10:27which is switch from being a consumer
10:28to being a producer.
10:29Now from a young age,
society broadly teaches us
10:31that we should be consumers.
10:32And we should be thinking
about what to buy, you know?
10:35Our parents are like,
10:36"Johnny, what do you
want for your birthday?"
10:37"What are you gonna
buy when you get that-"
10:39Or you know, "What would you buy if you
10:41had a million dollars,
if you won the lottery?"
10:43It's all very much based
on being a consumer.
10:45But, as MJ tells us in the book,
10:46this consumer mindset
is never gonna help us
10:49to actually build wealth.
10:50Instead, we need to think
to a producer mindset.
10:52And this genuinely changes the way
10:53that you approach the world.
10:54Like if you think in
the eyes of a consumer
10:56and you see some cool-
10:57I was in the Samsung store earlier today.
10:59It's fairly close to where
I live. It's really cool.
11:01I'm thinking as a consumer like,
11:02"Bloody hell, there's all these phones
11:04and watches and gadgets and fridges
11:05and microwaves and all this cool stuff.
11:06And the store is really nice.
11:07And I want a fancy new sofa
because that's a fancy new sofa.
11:10But if you have more
of a producer mindset,
11:12then you start thinking you could-
11:13you kind of ignore the fact
that there's all this stuff
11:15out there you can buy.
11:16Instead, you start thinking,
11:17"Oh, this is an interesting marketing play
11:19that they're doing."
11:20"I wonder how much it costs
to put the store together?"
11:21"Oh, I wonder if I could
make a video where I switched
11:23from iPhone to Samsung because there's
11:24so many Samsung phones here?
11:25So I can make a video where
I talk about it and switch.
11:27And then teach people
what it's like to switch
11:28from an iPhone to an Android",
and all that kind of jazz.
11:30And so the way I'm thinking
there is, hopefully,
11:32as a producer, rather than a consumer.
11:34And if you want a practical
tip for how this works,
11:35I think, really, the key is
11:37to just think about what's going on
11:39on the business side of stuff
11:41when you are out and about.
11:42For example, next time
you're in McDonald's,
11:44instead of thinking how tasty
your Filet-O-Fish burger is,
11:46think, "Huh, I wonder how it
is that McDonald's created
11:48a system whereby every single fish burger
11:51in every single McDonald's
basically tastes the same?"
11:53"How do they do that?"
11:53That's pretty incredible.
11:54And then you can read a book
like "The E-Myth Revisited",
11:57one of my favourite
business books of all time
11:58that talks about exactly
how McDonald's built
12:00this sort of franchise system.
12:01And lesson number five, show commitment,
12:03don't just show interest.
12:04And this is a message that MJ talks about
12:05throughout the book.
12:06Basically, there's a difference
12:07between interest and commitment.
12:09And if you want to get
rich quick, but not easy.
12:12If you wanna get rich quick,
12:13you have to do things that other people
12:15are not willing to do or not able to do.
12:16And usually, that shows commitment rather
12:19And there's a nice quote from
the book where he says that,
12:21"Interest works in your
business one hour a day,
12:23Monday through Friday.
12:24Commitment works in your
business seven days a week,
12:26whenever time permits."
12:27Now, when I was first
growing this YouTube channel
12:28and the personal brand and the business
12:29and everything, I would spend
basically every waking moment
12:32where I wasn't at work or at university
12:34or in lectures and stuff,
12:35thinking and planning videos.
12:36And planning content and figuring
out the business strategy
12:38and doing a lot of stuff.
12:40And yes, someone might
look at that and think,
12:43"Oh my god, toxic
productivity, hustle culture,"
12:50you don't get to a point
12:52where you build a successful business
12:54or a successful YouTube channel,
12:56all this kind of stuff,
12:57you don't get to that
point without putting
12:59in the hard, hard work.
13:00And my point is that the
hard work does not have
13:03It's hard, but it doesn't
have to be painful.
13:07And I find ways to make it fun.
13:08And that's the subject of
the book that I'm writing,
13:10how to make things fun.
13:11But it does take work and it is hard.
13:12It's not an easy process.
13:14And I think a lot of the
kind of anti-productivity,
13:16toxic hustle-culture kind of zealots,
13:20are sort of campaigning for
an easy, chilled-out life.
13:24And that's totally fine.
13:25If you want easy, chilled-out life, 100%,
13:27I'm not gonna argue with
you, you do what you want.
13:29But, what MJ says and what
13:33these sorts of people were like, you know,
13:34if you care about building wealth
13:35in a short amount of time,
13:37you can't take the easy route
13:38and have a chilled-out life.
13:39You do have to start being committed
13:41to the stuff that you're doing,
13:42rather than just interested in it.
13:43And there's so many people I know
13:44who've started YouTube channels
or businesses that are like,
13:46"Oh, you know, I just want to
do it for half an hour a day."
13:49Okay, that's fine. You can do it
13:50for half an hour a day as a hobby.
13:51But if you just do it
for half an hour a day,
13:52you are very unlikely to be successful.
13:55Which, I mean, in fairness,
13:56it kind of depends on what your goals are.
13:58If you don't wanna become a millionaire
13:59through this business, whatever.
14:00That's totally fine, be
chilled out about it.
14:01But if you do, if you want
14:02to follow The Millionaire
Fastlane approach,
14:04you have to be committed,
rather than just interested.
14:06Okay. So we've talked about
five of the different lessons.
14:07And in fact, like there's tonnes of--
14:08this is a very, very dense book.
14:11I actually read this on-
listened to this on Audible,
14:13so I didn't know how dense it was.
14:14But actually, it reads more
like a sort of textbook,
14:17rather than a storybook,
which is kind of nice.
14:19Like it's really, really
good, would recommend.
14:21Amazon link in the video description.
14:22But so, we talked about
five of the key lessons
14:24that I learned from this.
14:25There's so many more,
14:26but I want to talk about
his five commandments
14:28for building a business now.
14:29And his overall point on the book is that
14:30if you want to be on the
Millionaire Fastlane,
14:32you have to follow all
five of these commandments.
14:34You don't have to follow all five,
14:36like dropping one or two
could still make you rich,
14:38but it's just so much more likely for you
14:40to become a millionaire
quickly i.e. in under 10 years,
14:42which is isn't that quick.
14:44But quickly, if you follow all
five of these commandments.
14:46The first one is the Commandment of Need.
14:48And he says that 90% of businesses fail
14:50within the first five years
14:51because they don't satisfy
the Commandment of Need.
14:53And the Commandment of Need
is that people actually need
14:56the thing that you are offering.
14:58We have to create a
business that provides value
15:00or solves people's needs
or wants in some way.
15:03And if we're not, it's really, really hard
15:04to build a business based on something
15:06that tries to solve a problem
15:07that people don't actually have.
15:08Secondly, we have the
Commandment of Entry.
15:10And the idea here is that you ideally want
15:12to build a business in a zone where
15:14the barrier for entry
is high rather than low.
15:17And the reason you want this
15:18is because a high barrier to entry means
15:20that it's very difficult for someone else
15:21to copy your business.
15:23For example, if you or
me decided we wanted
15:25to start the next Amazon,
15:26that's really fricking hard.
15:27There is a very high barrier to entry
15:29to starting the next Amazon.
15:30But if there's a business that looks easy
15:32to other people to start,
and there is a low barrier
15:34to entry, for example,
starting a YouTube channel
15:36where the barrier to entry is low.
15:37Or starting a podcast
where it's even lower.
15:39Or starting a blog where
it's even lower than that.
15:41Or starting a TikTok with
even lower than that.
15:42The lower the barriers to entry,
15:44the more competitive
the landscape becomes.
15:46And actually, one of the nice
things I like about YouTube
15:48is that in this creative sphere,
15:49YouTube is still the thing that has
15:50the highest barrier to entry.
15:51There is now, like every year,
15:53the bar for production value
15:54and quality and all this stuff rises.
15:56And so, for a newcomer to
get into the YouTube sphere,
16:01they kind of need to have decent
gear and decent equipment.
16:03It's like, "oh, and this takes us
16:04into a whole lot controversial territory",
16:06which I talk a lot about in my course,
16:07the Part-Time YouTuber Academy.
16:08So I'm not gonna go into it here,
16:09but basically, I like
YouTube because it has
16:11a higher barrier to entry
than starting a TikTok
16:13or starting an Instagram
page, for example.
16:14The third one is the
Commandment of Control.
16:16And that's the idea that at
every step of the process,
16:18we want to be in control of the thing
16:20that we're trying to sell.
16:21And if we don't control things,
16:22or the way it's managed
16:23or the way that it's being sold,
16:24then it's hard to build
a business on that.
16:26This is partly why building a business
16:28of just a YouTube channel is very scary
16:30because it does not fulfil
the Commandment of Control
16:33because ultimately, my business lives
16:35and dies by this YouTube channel.
16:36That's really scary. That's really bad.
16:38I am not fulfilling the
Commandment of Control
16:40in this business that I've got
around the YouTube channel.
16:42And that's why when I make courses
16:43like my Part-Time YouTuber Academy,
16:44I try and fulfil the
Commandment of Control
16:47by being in control of as much
of that process as possible.
16:50This is also why MLM
multi-level marketing schemes
16:52don't work because if you're
selling someone else's product,
16:54who's also trying to get you
to sell someone else's product,
16:56you ultimately don't
really have the control
17:00And therefore, if stuff
goes wrong or stuff is bad,
17:02you personally can't really influence it.
17:03And that's a very scary
way to build a business.
17:05Commandment number four is
the Commandment of Scale.
17:07And that's the idea that ideally,
17:08if you want to grow rich quick,
17:10the idea is you want to build a business
17:11that has the potential to scale up.
17:13For example, starting a barber shop
17:15and cutting people's hair for
£10 a pop is not a business
17:18that has very much potential to scale,
17:20unless you try and build up more and more
17:21and more barbershops and
a chain of barbershops.
17:23But then, that costs loads of money.
17:24Whereas a software business
17:25or a content business really does have
17:27the potential to scale.
17:28So ideally, you to build a business
17:29that satisfies the commandment scale.
17:30And there's another
thing that he talks about
17:32in the book that we haven't
talked about in this video,
17:34which is the Law of Effection.
17:36Basically, the law is
that to make millions,
17:39you have to impact millions.
17:41And it's pretty simple.
17:42Like if you want to make
millions off a YouTube channel,
17:44you have to be impacting
millions of people.
17:45If you want to make
millions off a business,
17:46you have to be impacting
millions of people
17:48or impacting fewer people,
17:49but with a very large amount of impact.
17:51And so the Commandment of
Scale kind of relates to that.
17:54You can't get rich quick
off of selling lemonade
17:56in your local neighbourhood.
17:57You have to build a business that has
17:59the potential, at least, for scale.
18:00And finally, we have
the Commandment of Time,
18:03as we talked about before,
18:04is that you want to build
a business where the value
18:06of the business is disconnected
18:07from your personal time input.
18:08If you have to show up every
single day, nine to five
18:11or whatever many hours to make your money,
18:13then that's not really true wealth.
18:14And that is actually one of the problems
18:16with this YouTube business.
18:18As great as the content business in,
18:20I have to keep showing
up time and time again,
18:22to record videos like this one.
18:24It's kind of fun. I'm having a great time.
18:25And I would like to build a
sort of business in the future.
18:27One where I really don't
have to show up at all
18:29to continue to do the work.
18:30This is why writing a book is great
18:32because once you've written the book,
18:33people just buy it,
assuming it's marketed well.
18:35And assuming it's a good book, of course,
18:37So that was a very, very long
summary of some of the lessons
18:40in this enormous really, really good book,
18:42The Millionaire Fastlane, would recommend.
18:43If you're interested in more ideas
18:44on how to be able to make money,
18:45how to build passive income,
18:46check out this video over here,
18:47which is nine passive income ideas.
18:49And it talks about how at the time,
18:51I was making $27,000 a week
18:53from these passive income sources.
18:54Thank you so much for watching.
18:55Do hit the subscribe button,
if you aren't already.
18:56And I'll see you in the next video.
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