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Review of the book The 4 Hour Workweek | Best Complete !

Review of the book The 4 Hour Workweek - Timothyothy Ferris (Escape the 9-5 Job, live anywhere and Join The New Rich)
Review-of-the-book-The-4-Hour-Workweek
Review of the book The 4 Hour Workweek

The 4-Hour Workweek Book is a book about how you can get out of the routine 9 to 5 office work. 

Try to imagine if you only need to work 4 hours a week like that mentioned in the title of the book, have freedom of time, are not tied to a workplace, but have enough cash flow to pay for all the necessities of your life. Is this possible?

    It is possible but not necessarily suitable for most people.

    Basic concepts

    In this book 4 Hour Workweek, Timothy Ferris states that true wealth comes from wealth time and mobility. Is someone with an income of USD 150,000 / year richer than someone with an income of USD 50,000 / year? Not necessarily. 

    What if the person earning USD 150,000 / that year works for 60 hours / week while the person earns USD 50,000 / year it only works for 6 hours / week? If divided by the hour, then the person earning USD 50,000 / year have an income of USD 174 / hour, while the person who earns USD 150,000 / year is only USD 52 / hour. So, who is richer? 

    What if people who earn USD 50,000 / year live in a place where the cost of living is only requires USD 1000 / month while the person who earns USD 150,000 / year lives in a place that costs USD 5000 / month to live. 

    With the concept of absolute income, it appears that people are earning USD 150,000 / year does have a higher income and should be more rich. However, with the concept of relative income, where all factors affect, people are earning USD 50,000 / year is clearly richer.

    Most people follow the normal life plan of growing up and going through education for 20 years, worked for 40 years, then retired yes let's say an average of 20 years.

    Actually, what do you get from the pension concept? The results of your savings for 40 years working used to pay for your life for the next 20 years? Here's a simple concept of the cycle most people's life journey:

    At School/Young: has time and energy, but no money
    At Work/Mature: have energy and money, but no time
    At Retirement/Old: have time and money, but no energy

    Then, how do you really enjoy your life if you don't have all three of life's resources it at the same time?

    After all, having all the time you need in this world is not the goal of life in fact. Retirement, when you are no longer working and have all the time you need, is not the purpose of life that you really want. Just imagine if you really retired.

    The first week is probably going to be a lot of fun where you and your family can go to relax the most beautiful beach while enjoying wine and fine dining by the beach. Maybe in the third week, you will be bored with the name vacation.

    The concept of retirement means you don't like what you are doing right now, and neither do you may actually retire as the cost of living continues to increase from year to year. 

    The ideal concept is how you can do what you love while enjoying life with vacations short, because when you do what you love, the concept of "retirement" probably won't exist in your dictionary.

    Lessons from the 4 Hour Workweek Book

    To reach a state where you can do whatever you really love and be a person In this new generation (digital generation), Timothy Ferris provides 4 strategic steps, namely D, E, A, L.

    This digital generation is the generation that allows you to achieve freedom time, finances, and mobility, because the presence of the internet allows you to do this your work wherever you are, whenever you want, and make a lot of money from it.

    Here are 4 strategic steps from Timothy Ferris:

    # 1 D (DEFINITION)

    Decide first what you want, what you will do, if you have all the resources needed to get it or do it. Also describe the things that scare you to do it. On a scale of 1-10, give a scale for the possible risks of doing something and scale if you don't. 

    For example starting a business, a possible risk happens is the business fails. Scale your fears to face a failed business scenario and money you probably are 4. What if you don't? Maybe you will get stuck in a job you don't like and get stuck in traffic until you turn 60.

    The scale of unwillingness for this may be 8. The total scale of the two factors of uneasiness is 6, which means you are more afraid of being permanently stuck in work and traffic situations
    make you stress.

    Make a 6 month and 1 year timeline for the 5 things you want to do, 5 things you want to have, and what kind of person you want to be. Convert everything into actions you can do.

    From these 15 actions, choose 4 actions that can significantly change your life. Count it the total cost of doing this, add the monthly fee, times 1.3 (cost for convenience live) and divide by 30 to get your targeted daily income figure. 

    Write down each each of the 3 main steps of the 4 actions, and take the first step.

    # 2 E (ELIMINATION)

    This section is about how you can eliminate all unnecessary activities inside your daily activities, such as reading email, social media, meetings that are not important, and so on take up your time. In paretto law, it states that 80% of the results you achieve are produced than 20% of your effort. 

    This means how to allocate your time effectively to achieve 80% of the desired result, because the remaining 80% of your time is wasted on only 20% of the results you want. 

    You can gradually begin to eliminate things that are not important to start having more time in your life, so that you can do things that are really important. 

    Less Time is not lazy. Doing more is not better.

    Would someone who did a job for 9 hours definitely get better results compared to people who do it for only 2 hours? Not necessarily.

    It could be in those 9 hours lots of unnecessary distraction or confusion (such as reading and replying to email, receiving telephone, meetings, concentration problems, and so on) and the job can be completed in 2 hours if really in focus.

    If you want to know the habits of successful people you can read on this website.

    # 3 A (AUTOMATION)

    How to automate some of the things you do so that you have more time and also make more money?

    Timothy Ferris suggests how to build a business that is on autopilot so that it can generate passive income. One of them is by outsourcing. 

    For example, you can use a virtual assistant to read and answer your e-mails (as a customer service) than if you have to do it yourself and it takes your time. You can find tons of virtual assistants from all over the world for the same amount of time as you can save time. 

    One example is the site upwork.com (in this book it is explained that basically you will get cheaper services with freelancers from countries whose pay is Pesos or Baht than those who seek services from America itself due to exchange rate differences). 

    However, always remember to eliminate unimportant things first before delegating the work.

    By outsourcing your various operational activities, you will build a an autopilot business that brings in passive income. This leaves you with more time to do more effective things.

    # 4 L (LIBERATION)

    The basic idea of ​​this book is how your work is independent of time and place. If in part automation is taught how so that you are not bound by time, so in this section of leberation is about how you are not tied to location. 

    That way, you can do your job wherever you are, without having to go back and forth to spend time on the road.

    One business that can generate passive income and can be run wherever you are internet business. In this internet era, we are facilitated in terms of mobility. You can run a business you are at home or while on vacation in Maldives, only with a laptop and internet connection.

    You can create and market your own products, reseller / dropshipping other people's products, or affiliate marketing. Timothy Ferris suggests that you make your own product. 

    The most products recommended by Timothy Ferris is an information product, because it is low cost, fast to develop / produce, but difficult to duplicate (it takes a long time). 

    Choose 1 niche market, choose the topic you want, and read 3 best selling books on that topic. Usually by reading 3 good best seller books, then you already have 80% knowledge of the topic.

    Personal Opinion and Conclusion

    This book was first published in 2007 and is one of the best selling books in America (New York Best Seller). Some of the contents of the book also refer more in the example of life in America, but the concepts in this book can provide fresh ideas about how is the current generation of entrepreneurs (entrepreneurs especially from the millennial generation) who are make money from the internet, making it rich in money, rich in time, and rich in mobility. 

    Especially in the era disruption nowadays, conventional businesses are increasingly disrupted by the advent of the internet and generation / new business model. This is one of the right moments for newcomers to the world entrepreneur. 

    Timothy Ferris calls it The New Rich, which is the generation of people who are rich from this new business model.

    If before, you had to have a large enough capital to start a business, then in the current era this, you can start even with zero capital (time capital). Ideally, the initial capital is USD 100 - USD 3000 for creating a website, advertising budget and so on that may be needed in developing it.

    But just compare it with the previous conventional business where you may need initial capital
    over USD 10 000 for a shop and its contents.

    Cheers to Good Life!

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