Doubters of The 4-Hour Work Week usually complain that they need more time.
That’s a mindset ingrained from school.
The idea that you get paid according to how much time you work is outdated.
The world doesn’t work that way.
- A savvy Real Estate investor could make millions on 20 hours per week.
- A best-selling Kindle author could make millions with no time.
- I make $7,000-$10,000 per month (as of May 29, 2016) and my business requires two hours per week.
Don’t get hung up on the number of hours.
The advice in the 4-Hour Work Week transcends its simplified, yet provocative book title.
- The difference between “new” and “old” rich
- How much it costs to live your passion
- How to be more productive
- Outsourcing mundane tasks
- Filling the Void
What is the New Rich and the New Currency?
Tim Ferriss suggests we live in a two-currency economy.
The first currency is obviously money.
We’ll get to the second currency a bit later on (although I’m sure you can guess what it is).
In school, you’re taught work hard and make money.
From your friends and family, you’re engrained with the idea that the work you output has a certain price to it.
For example, the minimum wage here in Canada is currently $10.25 per hour.
That means that you give an hour of your time to an employer for around ten bucks.
The business world is different.
If you have a thriving business, you can make much more than a typical wage.
However, the downside is that a bad business can actually cost you money.
You are not going to learn how to set up a successful business in this book. Tim is more about encouraging you to take the risk, and create a business with little time investment.
The reality is that most business tasks have little impact on your bottom line.
A huge takeaway in the 4-Hour Work Week is to cut out tasks that have minimal impact.
Which brings us to our second currency: time.
Because we procrastinate what actually matters, with a productivity boost, there’s really not that much time needed to run a successful business.
Do the crucial tasks within 4 hours, and you can outsource the crap.
A pretty simple motto, but Tim is tapping into an obvious truth.
Instead of filling time with mostly useless tasks (like a wage earner), you can accomplish way more in a shorter period of time, by focusing on the impactful stuff.
A lower work week means more free time.
This is what Tim ferriss calls the New Rich
Someone that can earn a sustainable income with more time available is considered a member of the New Rich.
And think about it, even a millionaire could be viewed as New Poor under this mindset.
Instead of just valuing money, Tim insists that without time, money is useless.
I happen to agree with him.
A guy that makes two million per year, but has to work 80+ hours per week to get that income, has a low standard of living.
This of course presupposes that he dislikes his work. But under that assumption, he has no time to enjoy the fruits of his labour.
On the other hand, a member of the New Rich may only make $30,000 per year. But if only works four hours per week, he has a lot of time.
And in a digital business, you have no locational restrictions. Which means you can live anywhere you want in the world.
Trading dollars for Pesos or Baht also means that his money is going to go a lot further.
Sure, the New Rich is making a lot less money.
But he has more freedom to actually enjoy his life.
Filling the Void — An Important Chapter
In chapter 15, Tim discusses the importance of finding your passion(s).
It’s abundantly obvious from Tim’s publications that his greatest fear is boredom.
A four hour work week creates more time.
What do you do with that time?
If your answer is to watch television and relax more, you’re in for a rude awakening.
Sure, the lounging around can be ideal after a long work week.
When I used to work a 60 hour work week, I needed to recharge on the weekend with daytime television.
I even preferred shows that were the easiest to watch. Bring on Judge Judy, my body needs a rest.
You aren’t going to have that feeling when you switch to four hours.
Your body will not be tired, and before long, lounging around will turn to boredom.
That’s where you need to find your passions.
A passion does not have to be work-related. You can find pleasure from a plethora of dopamine inducing activities.
- Fall in love
- Salsa dancing in Colombia
- Reading for fun
- Learning a language
- Learning a new sport
And that’s my favourite part of the 4-Hour Work Week.
It takes the focus off making money, and instead enjoying a lifestyle that makes you happy.
Live the life you want to live!