Tim Ferriss’ book is one of the beginner’s manuals for the how to’s of becoming a successful entrepreneur. First of all, he has incredible branding. A 4-hour workweek is probably not possible, even for Tim. But the image it puts into he minds of the audience he is reaching is exactly what we all desire. Anyone who is an entrepreneur wants to earn a lot and ultimately have that income be passive, aka not trading time for money but having money being made while you sleep, eat, travel etc.
I learned a lot from this book so let me dive in.
“Escape the 9-5, Live Anywhere and Join the New Rich”.
The tagline alone presents the ultimate lifestyle everyone wants. Go anywhere, become rich, barely work. All of those things sound nice but Tim lays out exactly how to make that dream a reality.
Is this actually possible? I think so. I have several friends who are older who live this way and my goal is to do it one day too. So No, I don’t think it’s too good to be true. It isn’t obvisouly a dream that everyone can make come true. A ton of things written in books are not going to be achievable by many. Think of Eckart Tolle and his advice on how to be at peace. Do most people achieve what he advises? But they don’t say that he is preaching a scam, they just realize that it’s something you have to MAKE happen. It is not going to fall in your lap.
Tim’s first point is that time is more valuable than money. If you are working 75 hours per week and getting paid a lot of money and a guy who works 15 hours per week gets less money, who is actually more wealthy? Well when you do the math, the guy who is working fewer hours is getting more hourly. Then when you think about having a job that you can do from anywhere, it adds even more value to your job. If you live in LA and make a lot of money but think about your expenses and if you expenses are more than the guy who can live in Thailand for 3 dollars a day…. who is more rich? Again it’s the guy who seems to make a smaller number, but when you dig deeper into his life, he actually makes more. Basically Relative income is more important and it trumps.
Tim advices you to create a product, to sell it. Making money passively or relatively passively. Then if you live in a country where the dollar outweighs the currency so much, you can live like a king with the income you get… you’re going to be extremely happy. And that is huge part of the book, how to make the system work for you. He also advises you to be result oriented to save time. Don’t spend 8 hours doing something when it only takes 30 minutes. Be wise with your time and you’ll save. Then he spends a lot of time talking about the specifics of outsourcing. So if you want to learn about that, I’d say either pick up the book or read his blog because a lot of it is outdated.
The 80/20 principle is a huge element in his book and if you’ve never heard about that, you gotta know this principle! It’s so important. Essentially go where the money is. Spend the time on the stuff that is giving you the results and cut the fat. Don’t spend time, energy or money on anything that isn’t giving back to you in a high percentage.
This book is so inspiring and I love Tim Ferris. If you have not gone over to his website or his blog they are incredible resources for good info and they are also very entertaining. He writes a ton about being in business but he also explores how to be happy while you’re doing so. He also has a podcast where he has really fun guests like Arnold Schwasneger on to discuss business, body building and a bunch of other fun ideas. Tim Ferris gets a lot of heat for writing a bogus book, or for living an inauthentic lifestyle but I couldn’t disagree more. I think he is an incredibly smart guy, who is sharper and more organized than I could ever be. It’s inspiring to hear him be open and forthcoming about the topics of business and lifestyle. I think he keeps it real and offers a lot of value to every entrepreneur out there.