By Brian Garvin
In addition to learning six languages, winning a national championship in Chinese kickboxing, and lecturing on his specialty, entrepreneurship, at Princeton University, Timothy Ferriss still finds time to run his multinational company from wireless locations around the globe. Creator and author of The 4-Hour Workweek, a New York Times best selling book and formula for obtaining financial freedom, Ferriss shares his concepts for becoming wealthy simply by living more and working less.
The main premise of The 4-Hour Workweek is basically learning how to outsource your life so that you have more time to devote to the things you really enjoy doing, but still earning a lucrative income at the same time. Ferriss, a self-proclaimed serial entrepreneur and ultra vagabond, has wisely outlined his unique blueprint for escaping the usual rat race while achieving financial freedom.
Another prominent aspect of The 4-Hour Workweek is Ferriss' DEAL, an acronym that represents the following four phases:
Definition: The first step of the DEAL process requires one to pinpoint their fears and get past their preconceived notions about work, responsibilities, earning money, and how to become wealthy. Definition also explains how to overcome those fears and figure out what it will take to achieve your financial goals.
Elimination: Elimination focuses heavily on the crucial benefits of honing your time management skills. Delving into the 80/20 rule, Ferriss explains how it's possible to eliminate the time-wasting details that bog us down, and instead concentrate on the profitable, lucrative ways of producing tangible results.
Automation: This step of the DEAL process involves finding, hiring, and building a team of reliable assistants that work on your behalf, earning income by following your instructions and direction.
Liberation: After the successful automation of your life, it's possible to become liberated from the regular confines of work, being productive by utilizing the world of wireless technology.
Emphasizing the "hands-off" approach in The 4-Hour Workweek, Ferriss says that virtual assistants are the wave of the future and highly recommends taking advantage of their services. Explaining the differences between absolute and relative income, he also outlines how it's possible to reduce one's workload in half in just 48 hours using little-known principles that have long been successfully implemented by European economists.
Some of the other forward-thinking concepts and techniques related to The 4-Hour Workweek include:
- Learning how to travel around the world without quitting your job or having it affect your income.
- Obtaining free housing, anywhere in the world.
- Flying for up to 80% off the usual airline fees.
- How to enjoy life, find meaning and purpose, all while earning more money than ever before.
- Learning and teaching others to value one's performance over presence.
- Learning how to create an "automated cash-flow muse" in as few as four weeks.
- Why taking mini-retirements, long periods of relaxation peppered with intermittent periods of work, is the absolute best way to live.
With The 4-Hour Workweek philosophy, Timothy Ferriss provides insightful ideas and details how it's possible to forget the age-old concept of retirement after working for the majority of one's life, and finding innovative ways of realizing your financial dreams.
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