Ready to learn the most important takeaways from The 4-Hour Workweek in less than two minutes? Keep reading!
Why This Book Matters:
Timothy Ferriss’ best-selling book introduces an alternate and modern way to think about life, happiness, and money.
If you’re looking to start a business, optimize your life, or join the digital nomad movement, you’ll likely find this book actionable and inspiring.
- You don’t have to be rich to live like you’re rich
- Enjoying life now, and living with luxuries (extensive traveling, bold hobbies, and personal assistants) doesn’t have to cost a lot of money and is attainable now.
- Example: To live like you are rich, don’t be a “deferrer,” someone who sets long-term goals like “retire a millionaire.” Take action on big goals now and don’t wait for the perfect moment.
- Think about big decisions in terms of worst-case scenarios
- If we actually break down the worst-case scenario, big decisions frequently seem much less risky than how we originally perceived them.
- Example: Quitting your job to pursue the lifestyle you want may not be as daunting as it seems if the worst-case scenario is that your business fails and you have to return to an 8-5 job.
- Automate your income to live with freedom
- If you don’t have to work to make money then you can live your life however you want.
- Example: The three most popular ways to automate income are to sell on Amazon (https://www.junglescout.com/amazon-product-research-resources/), dropship products via Shopify (https://www.oberlo.com/blog/shopify-dropshipping-guide) or build an affiliate website (https://www.nichepursuits.com/).
- Use the 80/20 principle to determine the best use of your time
- 80% of results come from 20% of your effort, so focus your time on doing the 20% of work that will maximize results.
- Example: A door-to-door salesman will never be highly successful because he spends such a high percentage of his time walking and knocking on the door of empty houses as opposed to developing ways to target more customers.
- Outsource work to maximize business potential and free up time
- Outsource tasks that you don’t want to do or aren’t good at to maximize your output and free up your time.
- Example: Hire virtual assistants on a site like Upwork.com or https://www.chrisducker.com/101-tasks-to-outsource-to-virtual-staff/ (for $3-5/hour).
- Remember that income is relative
- Think about income in terms of dollars per hour and life freedom.
- Example: Someone who makes $50,000/year and works 10 hours/week is richer than someone who makes $100,000/year and works 80 hours/week.
- Enjoy mini-retirements and geoarbitrage
- You can improve your finances and quality of life by temporarily living in cheap countries while making US-level passive income.
- Example: See https://www.nomadlist.com for destination inspiration.
- Eliminate excess information and interruptions
- Consuming media and having meetings can be distracting and unproductive, limit your focus as much as possible.
- Example: Consider a “media fast” when you need to prioritize an important task.