I am starting a new section in my blog where I summarize books that impacted my life in a positive manner. One of these books is The 4-hour Workweek by Timothy Ferris. The book provides practical ideas on how to escape the tardy life plan and create a lavish New Rich lifestyle. The following points summarize what the book is all about.
The New Rich
A person wishing to become rich should not obsess over gold accumulation but rather utilize the “New Rich” currency which is Time and Mobility. Doing so will enable you to lead a lavish lifestyle where you are mobile, flexible and have the freedom to do what you enjoy. The secret to having such a life is creating a steady and automated passive income. As long as you have the guarantee of cash inflow even without you actively working, you can dedicate your time and energy to pursue other activities likely to add you more wealth.
Have life defining rules
You must come up with your rules. The rules should be ones help to raise your standards and also set you apart from second-rate living. Most people end up living in mediocrity simply because they are afraid of dreaming big or setting high standards for themselves. You need to come up with rules that help you live a good and meaningful life.
Take immediate massive action
There is no time like the present. If you intend to change your life and get into the New Rich lifestyle, you ought to start now. However, most people remain trapped in their monotonous unfulfilling life because they prefer staying in their comfort zones. Consequently, they keep postponing taking steps that can help them reach their dream lifestyle. Even though the comfort zone offers short-term gratification, it is always painful in the long run. Go out of your comfort zone and take immediate massive action to transform your life. Even though the actions might seem scary at first, master your courage and keep going at it. On a daily basis do something that unnerves you. For instance, if you see someone you feel attracted to, do not hesitate, approach him or her and initiate conversation.
Set up an income revenue stream
To be successful, you need a source of revenue. The ideal way to go about it is to create a business that generates steady income even without you being present. Set up the different streams of revenue in such a way that you can seamlessly oversee their operation. Where possible outsource and delegate so that other people make money for you.
Have a minimum viable product
To have a successful business, you need a product that appeals to the customers before investing too much of your time in developing your product. You, therefore, must carry out enough research to identify what consumers demand. A novel way of determining the level of market demand is to set up a fake eCommerce website or a fake online advert selling the products. Observe the customer behavior, and determine what products seem to elicit more interest from the consumers. In case consumers try to make a purchase, just tell them that the product is out of stock. In the process, have in place some mechanism for capturing the visitor’s email addresses.
Become indispensable at the workplace
The interesting thing is that you don’t have to quit your day job to adopt the New Rich lifestyle. You can comfortably live that life, travel the world, and attain as much freedom as you desire while you are still an employee. Just focus on making yourself indispensable to the company by acquiring expert skills that the organization cannot afford to lose. Some of the ways to learn such skills are by attending training, workshops, and seminars. Once your employer realizes your value, you could suggest a working from home test period, tipping that you are more productive in such conditions. The working at home could be for a day, week or whatever duration your boss seems comfortable. Make sure to meet and even exceed your boss’s expectation while working away from the traditional office setup.
If you want to succeed, it is important to focus on the important things. Since only twenty percent of the activities we do results in eighty percent productivity, and twenty percent of the activities we do consumes eighty percent of our time, we need to eliminate the unproductive twenty percent. Channel your energy and resources in an effective and not efficient manner. Purpose to do the right thing and not doing everything right. Find out the activities that increase your chances of attaining your personal development goals and focus on those activities.
Utilize your time wisely
The New Rich calls for proper utilization of time. After all; time is money. Identify the activities that steal your time and eliminate them from your schedule. Similarly, go on a low information diet. Look only for information that is relevant and useful, and use the most efficient way to obtain it. Where possible capitalize on leverage. For instance rather than wasting precious time searching for information, consider calling an authority in the field to provide quick solutions. Moreover, go only to meetings that you have to and where possible avoid the unnecessary ones as they are time stealers. Also, identify the 20% of your customers that give you 80% of your income and focus on them. Offer them a simple purchase method and introduce premium products that will make more money for you.
There is always so much that needs your attention. For example emails, phone calls, and breaks. These, however, can be a waste of time. Avoid checking emails frequently, or the first thing in the morning. Instead, condition yourself to read the mail at specific times twice each day. You need to focus on what is important and not what is urgent. A simple method for determining whether a particular activity is important is asking if you will be happy with yourself if that is the only task you accomplish on that day. If you are proud of it, then do it.
To strike a rapport with your customers and gain credibility, you need to be professional in all your undertaking. Sure ways of obtaining mega-credibility are by getting a degree or vocational certification related to the work you do. Use the media to turn into a guru in that particular field. Similarly, you could write authoritative articles or hold workshops and seminars. Furthermore, you should carry out activities that create a picture of success in the minds of your audience. Those activities include having several email addresses on your website as well as demonstrating that your organization is large and has several employees.
I highly recommend reading the book .