THE 4 HOUR WORK WEEK

Summary 1:

he concept of relative income , why it should be considered rather than absolute income. our time is our most precious asset relating to which robert was richer then bob as he was doing only 10 hour work per week on his online business compared to bob who did 80 hours per week on  his high paying company job.

gioarbitrage is levaraging the economic difference between markets to generate a high return. since robert has a online business he can travel the world and work at the same time. infact he can earn in dollars and spend in pesos which make everything cheap for him on the other hand bob need to stay near his office which is expensive.

have an automated income , difference between passive and active income. try to have as many passive income as possible. e.g. renting a shop, having a youtube channel.

there are many ways to automate income , the popular 3 ways are
1)product or content 2) license 3) reselling
reselling is simple, alibaba, amazon, flipcart etc.
two things to be effective.

1)elimination:
80 20 principle is crucial to find out what to do? or what not to do?

2)outsourcing :

giving the work to others rather then doing all by our selfs

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Lessons learned:

1. It’s about productivity, not work.

Always be asking if you’re being productive or just busy when working.

Helpful resources:

• “Are you being productive or just busy?” computer background image download

2. Use the 80/20 rule

Typically, about 80% of your results are going to come from 20% of your actions or sources.

Tim Ferriss realized his business made 80% of its revenue off of 20% of customers, so he cut out the rest and focused on them.

3. Emphasize your strengths instead of fixing weaknesses

Fixing weaknesses takes too long and you will never be in the top 1% with them like you can be with skills you’re naturally good at. You have an edge over others in some areas. Find them.

Helpful resources:

• How to find your strengths
• Career skills test

 4. Stop trying to compete with everyone at the same things

Consider making your own niche and dominating it as the big fish in a small pond like Tim Ferriss did with “lifestyle design”.

Helpful resources:

• Google Keyword Planner

 5. Successful people try to improve income per hour, not just total income

To make more, you should not work more. Focus on being more efficient, cutting out time-wasting activities, and focusing on what works best.

If you got hit by a bus and could only work 2 hours per week, what would you have to do?

6. Use a low information diet, focusing only on highest quality inputs

Books, top podcasts, TED Talks, and maybe the occasional documentary are ways that the “New Rich” get their information because it is productive. This information can be used and teach lessons.

News, gossip, and social media won’t do much for you.

 7. Your business should leave you alone as much as possible

The whole point of your muse is it is supposed to make you money and help you be free of time constraints. Delegate, automate, and work less total hours.

Helpful resources:

• Tim’s email auto-responses

8. Delegate anything you can with a virtual assistant firm

A virtual assistant can be very helpful as mentioned in the book. It’s best to go with a firm instead of one individual in case something happens to the main assistant.

9. Take mini retirements instead of waiting until you’re old

What’s the point of retiring when you’re too old to do anything fun? It can actually be very affordable to live like a rich person and travel to exotic places around the world.

Ditch hotels for apartments, travel life, and follow Tim’s tricks for living “the life” in foreign places. 

10. Get your most important task done before 11:00 A.M.

This helped me a lot. Things come up all the time when you’re a business owner or employee and getting that biggest, more important, income-producing task done first works wonders for productivity.

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