Working a four-hour workweek, making millions, and living like a full-time entrepreneur are becoming trends. The idea that you can input very little work and still produce massive results is very appealing to most people. We’re transitioning from the job economy to the skill or gig economy. The difference is pretty simple. The job economy is an economy where a degree is fundamental to success. The plan for life is to go to school, get a degree, find a job, maybe get some promotions, and retire eventually.
Most workers can work remotely in the gig economy, and most companies hire freelancers based on their experience and not their degree in the gig economy. Most work can be completely outsourced to other companies or even to freelancers. Businesses do not need to pay rent for an office.
Workers don’t have to clock in and out. They’re free to work whenever they want, as long as they deliver in time. It seems that books like the four-hour workweek are more and more realistic with this transition. The book was written by Timothy Ferriss and published in 2007.
4 Hour Work Week Book Summary
The book predicted the advent of the gig economy over the job economy. The transition started when Ferris was writing the book, but it wasn’t even near what it looks like today. So we can call it revolutionary. The book’s premise is that anyone can escape the nine to five rat race, develop a self-sustaining business, and require very little management.
- The business model should also allow you to work anywhere and manage everything through your laptop and Internet connection. But when it comes to the four-hour workweek, it isn’t all about the money.
Ferriss makes clear the difference between the rich and the fake rich. Some of the rich are less free than the middle class. They work so much that they don’t have any time left to do other things. Someone who works 80 hours a week and makes 100000 dollars is still not as free as someone that makes forty thousand dollars a year but only works twenty-five hours a week. See how Ferris goes about this? It’s all about making the maximum amount of money with the minimum effort.
If you’re looking for financial freedom, odds are you don’t even need as much money as you think you need. I would like you to do the following exercise. I found this in a book called Few Money by Dan Laucke. Dan is a Canadian Chinese entrepreneur with millions of followers, and the book is mainly on mindset. The exercise is the following.
After you decide what your ideal life would look like, you have to list all the yearly expenses you would face if you were to live that life. Remember not to add anything that brings real value or joy into life. For example, if you’re going to travel all the time, you don’t need a car or a costly mansion.
- Keep it realistic, but don’t hold back any aspiration of yours. This includes private chefs, coaches, expensive clothes, and so on. Look everything up and see the total expenses for one year if you live that lifestyle.
The odds are you don’t even need a million dollars per year to support that life. If that’s the case, you should probably check that your list contains realistic yet ambitious outcomes. Some people’s lists will pass the ten million dollars mark, but even five hundred thousand dollars a year is enough for most people.
The author exposes the difference between defers and the new rich defers to save money for retirement. The key differences lay in their mindset, and changing the mindset often results in a different outcome in life. A member of the New Rich would say, I want others to work for me. Working for yourself is fine if you want to spend most of your time working. But if you’re going to achieve freedom and success without dedicating your time to your business, you have to change your mindset.
Many people genuinely believe that they will be happier if they buy certain things. Have you ever heard someone say something like this? When I get that car, I will be satisfied. While having nice things is positive, you need to understand that toys will please you for a limited time. Material things are great, but they won’t provide long-term happiness. Instead, you should look for experiences, stop buying material things, and start buying adventures with your money. Aspire to do beautiful things, not to own expensive objects.
Another important distinction is that the new rich always have goals with their money. They don’t want more money for the sake of it. They have well-defined plans with the cash that they want to make. It is important for a variety of reasons. It helps you eliminate distractions and buy instinctively in the commercial world. Everything will appear like an opportunity.
Buy this now. Otherwise, the sale will be over, and you’ll pay more. Save X amount of dollars on this object and so on. These are distractions and marketing strategies that will make you buy things that make you happy. You’ll also remove the social pressure of owning certain things. Just the fact that you want to be a member of the New Rich is highly controversial.
The ”4 Hour Workweek” is the best self-improvement book that is the best seller in the career guides category on Amazon. This book is all about professional life that helps you escape 9-5 jobs and create passive income or freelancing life.
Author: Timothy Ferriss
Average Customer Review: (4.5 out of 5, on Amazon)
Category: Business & Money, Motivation, Self-Improvement, Self-actualization
Position 1, in Money Management & Budgeting, Hunting & Career Guides
Narrator: Ray Porter (Narrator)
Publisher: Blackstone Audio, Inc.
4 Hour Workweek Book Review
There are a lot of misconceptions about this book, and most people are saying it’s a scam. Well, is it? Let’s find out the book emphasizes that you don’t have to be rich to join the new rich. The new rich are the notion of working whenever you want from anywhere worldwide and making tons of money with the least exerted effort possible.
It sounds a little bit like a fantasy, but it’s possible to achieve. Why? Because many people are already living the 4-hour workweek lifestyle. If someone else is doing it, then it’s possible!
The book is categorized into 4 main categories or sections: Definition, Elimination, Automation, Liberation.
Chapter: Definition (Change the rule)
Creating a product is simple! It doesn’t even have to be an actual product. The best trending products these days are information-based products. You sell information that’s already out there. The book says you could start an online business today. Choose a profitable niche, commit to it, and you’ll be able to quit your job in 1 year. How is this even possible?
This is the part where the book seems deceptive for most people! When you go to school, you’re not taught how to build an online business. They waste a decade of your life teaching you how to become a good boy, follow the rules, and get good grades to become a doctor or a lawyer.
Finally, after 20 years of studying, you get your Ph.D., and you get to be free and work 10 hours a day until you 60. The main idea here is that it’s all about the experience, and for sure, it would take more than one year if you’re starting an online business. Most people reject themselves before even trying. There is not enough time when the average person comes home from their 9-5 job. They spend the night in front of the TV and excuse.
- Creating an information-based product could be a website or a blog. This isn’t all about youtube. Once you start generating passive income, you have to implement out-sourcing and elimination to transform your working process into a 4-Hour workweek.
Chapter: Elimination (Time management)
The next one is elimination which follows the 80-20 principle. It states that 80 percent of output will result from 20 percent input. This means that instead of filling all your time with work that will produce very few positive outcomes, you must identify what produces positive outcomes and then exclusively work on that. It means that doing less is doing more. Not only will you reduce wasted time, but the time you dedicate to tasks that produce positive results will be even more productive.
When your team creates your content, you don’t waste more time distributing and marketing. You can go on a website called “Ifttt,” which will automatically update all your social media platforms/accounts. With elimination, you get 80% of the value 20% of the time. You’ll get to work less than 4 hours a week.
Feris talks about how time management for the ‘New Rich’ is very different from what most people believe time management is. He sees it as a way to fill all the seconds of your life with work. The easy time management strategy that Ferriss advises is the following. Identify what produces positive outcomes for you.
- Schedule those tasks with deadlines. That’s it. Ferriss says that you should stop consuming a large amount of unhealthy information or information that isn’t useful to maximize your productivity when working.
Chapter: Automation (Income Autopilot)
Let’s say you own an educational Youtube channel. You need to gather information for each video and write a script about a specific topic. This takes about two days. If your channel is based on animation, that will take about 15 hours. Now for less than 5% of your total income, you go on a freelance website (Fiverr or Upwork), and you will find people who will gladly do the job.
Hire a scriptwriter, an animator. You can even hire a voice-over artist to do the voice-overs for you. Make these guys work together. Your channel will be running on autopilot. The same thing is for Websites. Hire a scriptwriter to post an article every other day on your blog, and you’re good to go. So this is outsourcing. Before launching any product, you need to micro-test with many advertisements to see an actual demand.
- Identify a business model that will give you the freedom.
- Find a market that you understand.
- Analyze product ideas and choose a couple of niches where you can advertise your products.
Entrepreneurs find a need in the marketplace, and then they create a product that satisfies that need. They also give jobs. If you’re going for the four-hour workweek, you will need to delegate 99 percent of the operations. You’ll help freelancers make money, achieve credibility in the marketplace, and more.
Feris talks about this in the book, and he says that the best way to get in the habit of delegating is to hire a virtual assistant. Initially, this will help you get used to the idea of outsourcing tasks, communicating remotely, and giving orders to people.
Chapter: Liberation (Quit Job)
The purpose behind all this is to create mini-retirements throughout your entire life instead of waiting 60 years to retire. It will free up more time to do what you want to do in life.
People negatively associate with rich people, and the worst association with people who want massive results with minimum effort. As soon as you have your money, your peers will pressure you to acquire certain liabilities. You should buy a car, buy a house and so on. The negative association is wrong. Conventional wisdom does not agree that working less and making more than most people is morally acceptable.
They despise whoever has the ambition of working less. But here’s the reality. If you’re going to put your own money into a business and do it ethically and legally, why would this be morally wrong? You generate immense results for hundreds of people with your products at the end of the day.
Chapter: An E-Mail You Need to Read Restricted Reading
We mistake activity for productivity, and we do work for work’s sake. It ultimately distracts us from doing what’s most essential and complex. By embracing two universal laws of productivity, we can learn to stop doing work for work’s sake.
- The two universal laws of productivity are Pareto’s Law and Parkinson’s law. Pareto’s Law states that most results come from a select few efforts. Parkinson’s law states that work expands or contracts according to the allotted time.
Tim discovered the first loss of productivity Pareto’s while managing a sports nutrition company in 2004. He worked more than 12 hours a day, seven days a week, on the verge of an anxiety attack. He stopped reaching out to 95 percent of his low-producing clients and fired the two percent responsible for most angry e-mails and late-night phone calls.
- Then Tim shortened his work week and focused his attention on building relationships with the top three percent producers and finding new clients that matched those top three percent characteristics.
For the first time in over two years, Tim discovered the power of the second low productivity Parkinsons law. He discovered that the time pressure forced him to focus on execution and doing the bare essentials, resulting in a better product without any bloat. Tim says, If I give you a week to complete the same task, it’s six days of making a mountain out of a molehill.
- When we combine the two laws of productivity, we are left with the following realization. Most things don’t matter, and what matters most needs less time to complete than we think.
This book is a revolutionary insight into how we see working lives. It is not solely for business owners but provides a lot of value for anyone wanting to increase productivity, both inside and outside work.
This book isn’t about working fewer hours or retiring early, or sitting around and having tons of time to be lazy. It’s about being more efficient and more effective to spend more time doing the things that bring joy and fulfillment. This ability to choose and have options that are the real power.
- The key is to figure out which levers you can pull to design the proper lifestyle and a unique goal. For example, maybe you like your job, but you wish you had a little more flexibility.
What I appreciated about this book is that it applies to everybody. Tim isn’t saying that you need to quit your job and become a surf instructor in Bali to be fulfilled. He challenges you to take a closer look at your life and stop acting like you have so little control over it.
By showing us how to eliminate, outsource, or automate tasks, he undermines the biggest excuse people usually have for not moving towards their goals. The most powerful and impactful lesson for me in this book is this quote.
“A person’s success in life can usually be measured by the number of uncomfortable conversations that he or she is willing to have.”
Personal rating: 4.7/5
If you’re looking for a few tips to help make you more productive and less distracted, this book’s great. Some final thoughts here: achieving the 4-hour workweek is possible. People around you are doing the same thing, so this adds on a little bit of credibility. The only advantage that they have over you is experience.
Learn more: 10 Tips From 4-Hour Work Week
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