In this blog post, you’ll get a short 4 hour work week summary as well as my thoughts on the book. The 4 hour work week is a book that has impacted us a lot and it’s a book that I think everyone should read at least once. Even if you don’t want to live the 4-hour work week, it still provides some great ideas. The biggest thing that the book did for me was that it opened up my mind to the possibilities of today’s world.
With today’s world, I mean the potential that the internet has provided to us. When reading the book, it felt like entering another world. Now, there are a few things about the book that I didn’t enjoy and that’s why I only skimmed through it the second time I read it. But as stated before, the book proves some excellent points. Let’s get into the 4 hour work week summary.
Is it actually possible to live a 4-hour work week? I mean with the amount of competition out there in the world, don’t we always have to stay busy? The answer that Tim would give you is no. He proves a great point in regards to this when he writes about the 80/20 rule. This rule states that 80% of the desired outcome will come from 20% of your actions. So this must mean that 80% of actions will give you 20% of the result you want. Doesn’t it make sense to focus more on doing the activities that will give you most results? Let’s go over some parts of the 4-hour work week formula that Tim describes in the book.
If you’ve been on this blog before, you know that we’ve already mentioned the 80/20 rule several times. I remember how we wasted several hours at the beginning of our publishing journey. We would build squeeze pages to books, promote in useless Facebook groups, and send out tweets with next to nothing in return. Eventually, we reminded ourselves of the 80/20 rule and eliminated a lot of the tasks. Our numbers increased because we got more focused on what matters. So the first step that Tim advise one to take is to eliminate. As the American management consultant Peter Drucker said: “There is nothing as useless as doing efficiently that which should not be done at all.” It’s critical to eliminate before you head on over to the next step that Tim advice you to take.
Now that you’ve removed a lot of the useless activities, it’s time to automate the tasks that can be automated. Automation means, leveraging outsourcing and technology. Why do something yourself that a software or someone else can do for $3-4 an hour? This is why we’ve invested hundreds of dollars in different software and thousands of dollars on outsourcing. Sounds like much? If so, imagine how much we’ve made by doing so.
I remember when I sat down and looked at the numbers. When I was cold calling, my time was worth around $35 an hour. Even if it was worth $10 an hour, would it make sense to do tasks that are worth $3 an hour? No, it wouldn’t, and this is one of the biggest reasons why small businesses fail. They try to do everything themselves and therefore loses focus on the highest leverage things. Have someone else do data entry tasks and automate your emails. Focus on what matters and you’ll see your business revenue increasing while you get closer to living the 4-hour work week.
One Important Concept Of The Book
Now I will go over one of the biggest insights that I think that the book provides. That is the fact that more money does not necessarily mean a richer lifestyle. The subtitle of the book is Escape The 9-5, Live Anywhere And Join The New Rich. Let’s exemplify what Tim could mean with “New Rich”:
Bill is working 50 hours a week and makes $100 000. He lives in New York where it costs him $500 to take his family out to eat. Luke, on the other hand, is working 4 hours a week but only makes $30 000 a year. He lives in the Philippines where he could take his family out to a nice restaurant for $10. Who is richer, Bill or Luke?
You could argue that Bill is making $70 000 more per year, so therefore he must be the richer of the two. Well consider this; Bill is working 2600 hours per year (50×52) while Luke is only working 208 hours per year (4×52). This means that Bill is making around $38 per hour (100 000/2600). Luke, on the other hand, is making $144 an hour (30 000/208). It’s also a lot more expensive to live for Bill which makes the value of his money less.
That’s the point that Tim makes in the book. Time is worth more than money, but also the fact that you can be very wealthy if you earn in dollars and spend in a currency like PHP.
The 4 Hour Work Week Summary
As stated in the introduction, this is a great book that I think everyone should read at least once. However, I couldn’t read it cover to cover the second time because there were so many things that were unrelated to our life right now. The book also contains a lot of resources which wasn’t helpful to us. But I’m confident that some people will benefit from these parts of the book as well.
Tim Ferriss also gives tips to people that want to live the 4-hour work week, but that has a job. He recognises that not everyone is going to want to start a business. Now, search for digital nomad or 4 hour work week on Youtube if you have any doubts about the fact that the four hour work week exist. For us, it’s possible to keep the publishing business going and still only work 4 hours a week. The key to this is elimination and automation.
Tim gives many interesting case studies as well as some more ideas to consider. It’s somewhat of a philosophy book which makes The 4-hour work week a book that people are either going to love or hate. Tim said in an interview that his intention was not to please everyone. I can’t remember exactly what he said, but it was something like “To write a best-seller you need to take an extreme standpoint.” Perhaps you could say that he used parts of The Secret Marketing Strategy That They Don’t Want You to Know. Read this warning text that is on the back cover of the book and then read the part of the blog post where it says “This product is not for everyone.”
Thank you for reading this blog post about the 4 hour work week. I hope you enjoyed it and received some value from it.