
Title: The 4 Hour Work Week
Author: Tim Ferris
Overall Rating: Outstanding. This book is potentially life changing.
What are some things you really liked about the book?
Tim Ferris uses a lot of concrete examples. He tells stories and uses real life situations in order to illustrate concepts. It’s not just a get-rich-quick book. Nor is it a time management book. Tim guides the reader through the process of identifying their dreams and then (he attempts) to show you how to achieve them. Does a pretty good job of the whole thing too.
Anything that wasn’t so great about it?
Not particularly. You will devour this book very quickly, and probably end up reading it more than once.
What this Book is all about:
Selling the Dream
The 4 Hour Work Week really excels at “selling the dream.” What do I mean by that? Well, the whole idea of the book is to get the reader to imagine a life where their income is automated and they are no longer selling their time for money (as in, working a regular job). The title alone should clue you into this concept, as it starts selling the dream before you’ve even read a single page. Tim Ferris takes the dream selling even further in the actual book, as he gets the reader to engage in exercises where they map out their “dreamlines,” or things that they would like to do or accomplish if they had more time and money. His approach is pointed and specific….you are not just casually fantasizing about what you want out of life. Instead, the reader is guided through a series of questions to define exactly what their dreams are and what they most want out of life.
Relative Income
One of the key concepts in The Four Hour Work Week is that you are only “rich” if you have leisure time to enjoy yourself. Corporate America is busy working 50, 60, 70 hour weeks and beyond just to “keep up with the Joneses.” Obviously, based on the title of the book alone, you can guess that Tim places a big emphasis on relative income over absolute income. At one point he asks the creative question: “Would you rather have a 20 percent raise, or keep your pay exactly the same but get Fridays off?” People who value relative income would take the Fridays off. People who value absolute income would take the money. Tim is hoping to guide the reader into a mindset where they see the time off as being much more valuable. These are the kind of brain-tickling questions that propel the reader through the book.
Generating Passive Income Sources
The idea of passive income is critical in achieving your “dreamlines” and in liberating yourself from a nine to five job. Tim actually does a pretty good job on this section, and explains in detail how to go about “microtesting” a product idea before developing it and then selling it. He differentiates from setting up an actual “business” that you would have to then spend all of your time running. Instead, he focuses on setting up passive income streams that are virtually maintenance-free.
The Pareto Principle (The 80/20 Rule)
The Pareto principle is an idea (or phenomenon) that 80 percent of the outputs usually come from only 20 percent of the inputs. This has been observed in all sorts of different things. For example, 20 percent of all drivers cause 80 percent of all traffic accidents. Tim’s advice is to apply this law to our job or our business in order to increase productivity and focus on what truly matters. He also suggests combining this idea with Parkinson’s Law, which states that an imminent deadline has a huge potential for getting work done. The sum total of these two principles is that you become much more effective and get the truly important things done quickly, while eliminating all of the “busy work” from your life.
Automation / Telecommuting
There are basically two routes you can go according to Tim. If you are currently working at a job in the corporate world, your goal is to move towards telecommuting as much as possible. Tim walks you through exactly how to do this, and how to convince your boss that you are more valuable out in the field than you are in the office. The idea is liberation through mobility. Tim really gets detailed in outlining exactly how to achieve this, right down to overcoming a number of different objections that management might have.
The other route to “liberation” is through entrepreneurship. The idea is to create a hands-off business (a “muse”) that will generate passive income for you, so that you can become mobile and have more time. Again, Tim takes you through this process in great detail, and also gives a ton of resources for the specific ideas that he his proposing. If you want everything spelled out for you as to how to go about generating passive income, this is a fairly good guide for it.
Outsourcing
Tim advocates the idea of “outsourcing your life.” If you start a business, but then work like a dog in order to be successful with it, then you are no better off than those who work for a “boss.” Tim would advocate hiring others to run your business for you. But he also takes it much further than that. The idea is to outsource just about any aspect of your life or job that doesn’t require your unique attention. The idea is to free up your time from the mundane tasks and use that time to focus on the things that matter (like starting new streams of income). It’s just another way to work the 80/20 principle into your working life.
Mini-retirements: Enjoy Your Life Now!
Tim also introduces the idea of mini-retirements. This is a direct challenge against the old way of thinking that says we should work full time until we’re 65 and then retire. Instead, Tim shows you how to enjoy your life now with several mini-retirements each year. He has a strong emphasis on mobility and travel, and sort of assumes that if everyone had more time and money on their hands, they would naturally want to travel more. While this may or may not be true for everybody, the idea of the mini-retirement still has value, and it fits in well with the other concepts in the book.
Who should read this book:
Anyone with even the slightest hint of an entrepreneurial spirit in them should read this book. Also, anyone looking to “work from home” or “escape 9 to 5.” If you have any ideas about starting or running a business, this book is not to be missed. There are so many good ideas and useful concepts in here, that most people who do read the book end up reading it over again. It’s simply chock full of good ideas.
Who might want to skip it:
Anyone who is already “living the dream,” or who enjoys their current job and is perfectly happy trading their time for money.
Final word:
If anything in this review stimulated your mind even a little bit, then I highly recommend that you buy this book. It is absolutely life-changing!