Audiobook

The 4 hour work week audiobook

Start 30 days trial now

Book Details

Pages

430 Pages

Language

English

Released

2007

Step 1: D is for Definition

Many entrepreneurs seem to be living lives of New Rich. One defining feature separating them from others is their goals and philosophies.

  • Deferrer = I want to work for myself

  • New Rich = I want to have others to work for me

  • Deferrer = I want to work whenever I want to

  • New Rich = I prevent work for work’s sake and do the minimum to get the maximum

  • Deferrer = I want to retire young

  • New Rich = I want to regularly distribute adventures and recovery periods throughout my life. Inactivity is not the goal, but doing what is exciting is

  • Deferrer = I want to buy all the things I want

  • New Rich = I want to do all the things I want to do

  • Deferrer = I want to have a lot of money

  • New Rich = I want to make a lot of money for specific reasons with defined dreams

  • Deferrer = I want to have more

  • New Rich = I want to have more quality and less clutter

Ferriss argues that those who defer and chase money blindly will find themselves in this situation. If you can free up time & location, they will no longer be paying rent (unless they are being paid in rent). This “career deferment” would essentially bring their money three times as much or ten times as much. Tim Ferriss is an example of somebody who lives a high-quality life despite his income. He takes planes over the Andes and live in a luxury villa for only 600 USD per month, without forgetting about all the fine wines that he can enjoy. This is one of the many benefits that money provides: with it, you will have all of your needs met at

  1. What you do

  2. When you do it

  3. Where you do it

  4. Whom you do it with

Investment bankers working for $500,000 per year are less powerful than the members of the New Rich who work for $40,000 and live absolute lives of freedom. Freedom is our greatest power. The 4-Hour Work Week is all about building these different choices so you can make more money with less time spent at work.

Rules that change the rules 

When faced with a problem stumped by others, you should consider the opposite approach: what if you try to solve it from the other direction? For instance, when the author was working in a sales department, he noticed that most calls were going directly to voicemail.

To be a part of the New Rich, Ferriss offers ten rules that are fundamental to your success:

  1. Retirement might be the worst-case scenario. The idea that you are wasting your life away doing something that you don’t enjoy, when you could have done it when you were young and able.

  2. We all have the need for periods of rest. Humans work hard and accumulate piles of stress, but with something like a mini-retirement that offers some time to relax and refresh, this can be fixed pretty easily.

    To be successful in life, one must learn to cultivate newly-found interest and energy. One should not greedily hoard all of their time for retirement. Instead, they should distribute mini-retirements throughout their lifetime to avoid being bored.

  3. The New Rich are not lazy. They put in less time at work, but still get more done than the combined efforts of a dozen deferrers.

  4. The perfect timing will never come. It is hard to find the time for work, personal life and the decision making process. You need to learn how to be decisive and accept that you wont always choose the perfect option but you can live with that. Dreams don’t only exist in your head, they should not be postponed until after death

  5. – The quote means that asking for permission conveys a sense of urgency and intent to break the law whereas forgiveness is something voluntary.

  6. In the world of SEO, one of the most important things you need to do is consistently update your website. This creates your sales & leads, which aren’t affected by seasonal trends or fluctuations in earnings due to information security breaches or natural disasters

  7. When things are done to excess, they often take on the characteristics of their opposites. If a company is making too much of what you want, it will soon become what you don’t want.

  8. Our financial state is a clear indicator of how much effort we are putting into our work and what kind of life we want. It’s important that regardless of how our finances look, that we continue to focus on self-improvement and figure out our true needs in life.