Timothy Ferriss, author of the 4 Hour Work Week, is a self described “serial entrepreneur and ultravagabond” who lives a lifestyle that most of us could only dream about — until now. His provocativehas been a #1 Wall Street Journal Best Seller, a #1 NY Times Best Seller, and a #1 BusinessWeek Bestseller.
Ferriss presents a step-by-step guide to his free-wheeling lifestyle, allowing us to follow in his footsteps and realize our own lifelong dreams. Albert Pope, derivatives specialist at UBS World Headquarters, has called him “Indiana Jones for the digital age”.
His basic premise is that we need to replace many, if not most, of our current assumptions and apply what he calls the Rules of the New Rich.
We need to replace these assumptions because they limit us and prevent us from enjoying life. In particular, we need to replace assumptions that waste our time and force us to live in a particular location.
According to Ferriss, “The New Rich (NR) are those who abandon the deferred-life plan and create luxury lifestyles in the present using the currency of the New Rich: time and mobility. This is an art and a science we will refer to as Lifestyle Design (LD).”
His model provides us with a roadmap for realizing our own lifelong dreams. He shows us how to:
· Live like a millionaire
· Free time and automate income
· Outsource your life to overseas virtual assistants for $5/hour
· Travel the world without quitting your job
· Eliminate 50% of your work in 48 hours
· Trade a long-haul career for short work bursts and mini-retirements
He uses the DEAL acronym to describe his model, where:
· D = Definition
· E = Elimination
· A = Automation
· L = Liberation
According to Ferris, the Rules of the New Rich include the following:
· Retirement is Worst-Case Scenario Insurance
· Interest and Energy are Cyclical
· Less is Not Laziness
· The Timing Is Never Right
· Ask for Forgiveness, Not Permission
· Emphasize Strengths, Don’t Fix Weaknesses
· Things in Excess Become the Opposite
· Money Alone is Not the Solution
· Relative Income is More Important than Absolute Income
· Distress is Bad, Eustress is Good
He encourages us to use “Dreamlining” to design our own luxurious lifestyles. His recommendations rely heavily upon elimination, simplification, and outsourcing to virtual assistants.
Another key component of the lifestyle design process is automation; i.e., building a system to replace ourselves as bottlenecks. But he cautions that we should never automate something that could be eliminated, and we should never delegate something that could be automated or simplified.
Thisshows how to recognize and seize opportunities that others miss. Along the way, you’ll come to realize that having options, i.e., the ability to choose, is the real power in life.
He shows us that we can realize our lifelong dreams much easier and cheaper than we had previously thought; however, the necessary ingredients are courage and self-confidence to take a leap of faith.
I highly recommend this book – as well as Ferris’ website and blog.
Personally, I found this book very easy to read – and very compelling. I plan to implement many of his ideas into my own life and am presently automating my income.
If you’re one of those people wanting to start your own business, consider starting an affiliate or other online business. The problem with most online programs, however, is that their training is limited, and generally focused only on teaching you about their product(s). Unfortunately, you’ll need more knowledge than that. One very good place to start gaining the knowledge that you’ll need is to enroll in the real-time, interactive, expert-led Online Success for Beginners [http://NetBizSuccess4U.com] course.
Sue White is a Professional Project Manager (PMP) specializing in ERP/SAP consulting, an author, an internet marketer, and holds an MBA. Follow her on Twitter @MaxProMe.
Copyright 2009 Sue White