Today’s book summary and book review: The 4-Hour Work Week by Tim Ferriss.
The four hour work week is a game changer. Tim Ferriss wrote a killer lifestyle design book that has influenced entrepreneurs, world travelers and hackers for decades. You might also consider getting the full book for this – it’s killer!
Watch the video below:
BIG 10 IDEAS:
NOTE: These are only my skeleton outline notes. For the full content, please watch the video or listen to the podcast :)
(2:45) The New Rich
The new rich live by a “Freedom multiplier”
Factors that make up the Freedom Multiplier are: What your do / when you do it / whom you do it with / where you do it.
The amount of “W’s” you control = how free you are!
(4:08) D E A L
The Four Hour Work Week is structured with the acronym “D.E.A.L.”
Definition: Replace self-defeating assumptions.
Elimination: Forget time management, learn to ignore the unimportant. (provides time)
Automation: Learn to put cash flow on autopilot. (provides income)
Liberation: Create freedom of location. (provides mobility)
(6:09) Time Wealth
The new rich value time as their most precious commodity.
The new rich value time over money – knowing they can always make more money, but can never make more time.
For a full explanation on the concept of “Time Wealth” check out the interview with travel guru Rolf Potts here.
Sub point here: Having all the time is not the goal! Doing what excites you is.
The new rick understand that there’s only so many Pina Colada they can drink before it gets boring.
(7:00) Why Retirement Sucks
Top the three reasons retirement sucks:
1. It assumes you hate what you do (and need to escape permanently).
2. Cost of living keeps increasing (saving for 30+ years is a ton of money)
3. If you have the work ethic to retire early, chances are you will be bored with not working by week 3.
“A person’s success or failure is determined by the amount of uncomfortable conversations he/she is willing to have”
Noting’s going to be easy. Going to be uncomfortable – this is how you grow.
What’s uncomfortable in life: Relationships & dating / travel / starting a business / moving / new job
Those are also the most rewarding things.
(9:40) Travel On The Cheap
Reason I traveled to Southeast Asia in 2015 was because I read in the 4HWW: “you can live like a king for $500 in Thailand”
There has never been a better time in the history of the world for travel.
The fact that we can get on a plane from our hometown and it drops us off half way around the world is insane.
To do that same trip just 200 years ago would of taken 6 months, and half our crew would of died.
Sub Point: Backpacking does not mean you have to quit your job (see the book for full explanation)
(11:30) Less Is NOT Laziness
There is power with increasing your focus and decreasing your workload.
EX: In the gym. Your body creates an exercise stimulus that comes in the first 20min.
In other words, 80% benefit in that first 20 minutes.
That means (theoretically) if you only worked out (everyday) for 20 minutes, you could be in better shape than if you worked out 1.5 hrs a day twice a week.
Sub Point: Being busy is a form of being lazy (Busy because avoiding the unimportant. Lazy to procrastinate. Lazy to check you email 50 x day)
(13:40) Change Your Space
Good idea to have separate spaces for work / rest / sleep
Especially true if you work from home.
Ignore this advice, and winding down / decompressing after working from home will be next to impossible.
(14:30) 80/20 and Parkinson’s Law
Parkinson’s Law: A task will swell to time allotted.
EX: Have a term paper due Friday? Hitting “submit” at 11:59PM Thursday
EX: Wedding on July 2? Bridzilla / stress chaos on July 1.
One of the most powerful motivators is a deadline.
Most important dates in life have deadlines. We need to set them (and shorten them) if we want to get things done.
JOURNAL QUESTION: “How can I do my 5-year plan in 5-months?”
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