Hi, Friends. Again this week I have come with a summary of a bestselling book named “The Four Hour Workweek” written by Timothy Ferriss. This book is about building a new lifestyle that supports living more and achieving more by doing less. So, without wasting time let’s dive in this book.
People often measure their richness by measuring the money they have. But people of new rich category measure the richness by measuring money as well as time and mobility they have.
What is new rich?
For ex. If person A works 40 Hours per week and earns 5 lacks a year and if person B works 10 Hours a week and earns same amount, then who is more reach? Yes, you are right. Person B, because he has more time to spend with friends and family.
According to the author, there is no need to work as a slave for 40 years to live like a millionaire in your 60’s. You can become a member of new rich in your 30’s also. There are some strategies and steps to follow which can be described by one term named as DEAL.
STEP 1 D is for Definition
First, you have to define things that really excites you. Resetting the false assumptions, conquering fears and defining the goals ( or things to do) is an important step towards new rich. The goals should not just wishful thinking they should shift to defined steps and have a time limit.
STEP 2 E is for Elimination
After deciding what to do you have to free the time by being effective. Effectiveness is doing the things that get you closer to your goals. Eliminating unimportant things like checking whats app or email every 30 mins free your time to focus on important things and will help to become effective.
Focus on spending fewer hours and producing more outputs. Ignore things which are not relevant to your goals.
STEP 3 A is for Automation
Automate your income and free yourself from your work by outsourcing things. Generate passive income sources like making a website and hire people to work for you.
STEP 4 L is for Liberation
Liberation means having the mobility to do your work or business from anywhere in the world. This gives you geographic freedom. Now, after being free from the work, focus on doing things you always wanted to do.
With this, we come to an end of the book summary of “The 4 Hour Workweek: Escape 9-5, Live Anywhere and Join the New Rich”. See you in next week with a new summary, till then HAPPY READING.