A movement in it’s own right, visionary Timothy Ferriss gives his formula for escaping the rat race, so the masses can retire, long before they are 65. Ferris reveals how he created location independence and financial freedom lifestyle, that allows him to work only a few hours each day from anywhere in the world.
My key Takeaways from "The 4-Hour Workweek" by Timothy Ferriss
Takeaway #1 Don't Be a Deferrer
You cannot live life waiting for your retirement, waiting for the time to come when you'll be able to do X, Y, and Z. Tim Ferriss calls this postponing your life, and if you're one of these people then you're a deferrer. People work and work and work putting money aside for tomorrow but no amount of money is worth a lifetime of work, especially as you can't be sure you'll be around to enjoy it. As the old saying goes, money does not buy happiness. It can buy a fancy lifestyle but you don't have to be rich to live like you're rich, all you need is flexibility and mobility as this results in you being able to whatever you want, whenever you want.
Takeaway #2 Learn The DEAL Formula
The DEAL formula stands for Definition, Elimination, Automation, and Liberation. With definition, you have to redefine your approach to work. Give up the idea of traditional retirement and define when you want to work and why. Do you want to work 4 days a week? Do you want to enjoy vacation time for 2 weeks out of every 4 weeks? Are you working for the money or from the pleasure you get from it? Work out how much it will cost to live your dream lifestyle and aim for that figure no matter how big it is. Elimination is about removing everything that is not working for you whether that be people or tasks. Automation is rather obvious – You have to automate your business/money so that it grows without you needing to do anything. Liberation is about freeing yourself from the typical 9-5 office job and becoming location independent, even if you're still working for a traditional company and have not created your own business.
Takeaway #3 Live by the 80/20 Rule
In most things in life, less is more. It's no different when it comes to productivity, that 80/20 rule still applies here – About 80% of your work output results from 20% of your effort. Spin that around, 20% of your tasks will yield 80% of your results. This is where the Elimination part of the DEAL formula comes in, you have to remove the time consuming interruptions and find out what the 1 task is that you need to complete that day, forget the other stuff. Don't sit in front of your laptop or arrive at your office without having a clear list of priorities – Work on these, nothing else, don't get distracted by emails and don't get overloaded by information.
The 4-Hour Workweek Chapters
Chapter One - Step 1: D is for Definition
Chapter Two - Step II: E is for Elimination
Chapter Three - Step III: A is for Automation
Chapter Four - Step IV: L is for Liberation
Best Quotes from The 4-Hour Workweek
“For all of the most important things, the timing always sucks. Waiting for a good time to quit your job? The stars will never align and the traffic lights of life will never all be green at the same time. The universe doesn't conspire against you, but it doesn't go out of its way to line up the pins either. Conditions are never perfect. "Someday" is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it's important to you and you want to do it "eventually," just do it and correct course along the way.”
“What we fear doing most is usually what we most need to do.”
“But you are the average of the five people you associate with most, so do not underestimate the effects of your pessimistic, unambitious, or disorganized friends. If someone isn't making you stronger, they're making you weaker.”
“People will choose unhappiness over uncertainty.”
“A person's success in life can usually be measured by the number of uncomfortable conversations he or she is willing to have.”
“If you are insecure, guess what? The rest of the world is, too. Do not overestimate the competition and underestimate yourself. You are better than you think.”
“The question you should be asking isn't, "What do I want?" or "What are my goals?" but "What would excite me?”
“Focus on being productive instead of busy.”
“The opposite of love is indifference, and the opposite of happiness is boredom.”
“To enjoy life, you don't need fancy nonsense, but you do need to control your time and realize that most things just aren't as serious as you make them out to be.”
“Slow Dance:Have you ever watched kids, On a merry-go-round? Or listened to the rain, Slapping on the ground? Ever followed a butterfly's erratic flight? Or gazed at the sun into the fading night? You better slow down. Don't dance too fast. Time is short. The music won't last. Do you run through each day, On the fly? When you ask: How are you? Do you hear the reply? When the day is done, do you lie in your bed, With the next hundred chores, Running through your head? You'd better slow down, Don't dance too fast. Time is short, The music won't last. Ever told your child we'll do it tomorrow? And in your haste, Not see his sorrow? Ever lost touch, Let a good friendship die, Cause you never had time, To call and say Hi? You'd better slow down. Don't dance so fast. Time is short. The music won't last. When you run so fast to get somewhere, You miss half the fun of getting there. When you worry and hurry through your day, It is like an unopened gift thrown away. Life is not a race. Do take it slower. Hear the music, Before the song is over.”
“Being able to quit things that don't work is integral to being a winner”
― Timothy Ferriss - The 4-Hour Workweek
Editor and Founder
Tal Gur is a location independent entrepreneur, author, and impact investor. After trading his daily grind for a life of his own daring design, he spent a decade pursuing 100 major life goals around the globe. His most recent book and bestseller, The Art of Fully Living - 1 Man, 10 Years, 100 Life Goals Around the World, has set the stage for his new mission: elevating the next generation of leaders to their true potential.