I keep seeing this book recommended, and I can see why.
This book is about taking a hard look at the professions that tend to be deemed worthwhile, yet can be quite restricting.
Ferriss ends the book with testimonials, who have benefited greatly from this book. I definitely think this was a good way to end the book, since it highlights what a good conclusion does, which is to expect something from the reader. Does it expect them to learn something? To reconcile something? To think deeply about something?
He is an angel investor who has been described by Fast Company as one of the most innovative people in the business world. As a result of his expertise, Ferriss has appeared in more than 100 media outlets.
Ferris makes use of the 80/20 Pareto Rule, which dictates that 80% of the effort is put into 20% of the product or result. It is for that reasoning how Ferriss was able to scale down from 80% of the unproductive time wasted that resulted in 20% of his problems.
A theme that plays into this book is prioritization of other people. This can include customers and close people such as relatives and friends. If they provide nothing to your production of money, then they can be cut out; whereas the ones who are loyal and profitable are to be kept close. Another part of social prioritization has to do with no longer abiding by the words of people around you, who constantly tell you that your dreams are too unattainable.
Another prioritization that is involved is time. In other words, it is about consolidating as much times into as smaller batches as possible. This would include weeding out unmotivated emails by putting in an automated email requesting a cellphone call. While communication plays a role, so does the business model. By finding the niche first before developing the product, you are eliminating potential losses which eat away time and money in the face of alternatives. A niche that Ferriss wants readers to generally avoid is consumables, such as supplements, because it involves being asked many questions through email concerning allergies and such. Another wise business decision is to never accept Western Union or checks, since they can take up 40% of your time processing them.
Another form of Pareto consolidation comes in the form of distribution of products and services. Ferriss mentions the types of distributors that can become the middleman when it comes to developing products. They includes consumables, but also CDs, DVDs of seminars and courses, and other products that reflect off expertise.
As for whom to rely on for that vast majority of communication, Ferriss makes note of who to pick. As for the virtual assistant, whether handling forums, emails, and other FAQs, Ferriss recommends using geoarbitrage to hire someone from Asia at a fraction of the cost; however he specifically mentions hiring from trusted firms that perform screening on virtual assistants, so they don’t abuse their position. As for family members, Ferriss recommends them for power-of-attorney when it comes to taxes.
As for the free time, Ferriss has spent it traveling around the world, to the point where he approached a very difficult question, which is the reason why we live. He discusses how while there is that pointless malaise that comes with working an unfulfilling job, that can also be found in having nothing to do to the point of boredom. He eventually decides a life worth living is one that has a goal–in absence of basic needs, such as wealth and amenities. As such, Ferriss suggests donating and working alongside charities.
An incredibly important part of this book is how Ferriss concedes that he made updates to this book, which was originally published years ago. Ferriss stated that he does not trust investments, since they unpredictably fluctuate in value, especially in light of the recession of 2008. Another part of the this time period in one of his testimonials was that a college student who opened her own website, which attracted many people during this time.
James Schramko does have similarity to Tim Ferriss in terms of consolidating the amount of people who would actually be loyal to him. He did so by deleting every email on his email list that were not motivated enough to partake in his products.
Of course, Josh Kaufman wants to encourage a small, uncomplicated production chain and James Schramko prefers smaller teams, which does run contrary to Ferriss’ idea of having geoarbitrage over everything, including email management. I am afraid that a lot of people who are becoming entrepreneurs would not want to risk having their personal information handled by a third party, no matter how small of a chance there is of it being misused.
As for how this relates to the Essential Habits of 6-Figure Bloggers, this book was recommended by Holly Reisem Hanna, who started her blog because she wanted to stay home with her daughter without the fear of not making money. Indeed, the New Rich have reasons for becoming so, one of which was wanting to homeschool or stay close to their own children.
Connecting To The Previous Book
The connection I found to Richard Dotts’ Dollars Flow To Me Easily is the fact that worrying about the problem is itself the problem, since that amount of time worrying accumulates. Ferriss notes how there is no need to respond to every single notification, since problems tend to be solved whether you are involved or not.
Ferriss makes an important distinction between the words productive and busy. In other words, he differentiates between being busy to those when needed, whereas productive means attending to those who need the service. It makes sense, because to be productive is to produce, which is to produce good results. Instead of casting a wide net, you are simply casting individual nets, which guarantee a bigger catch.
As for the recommendations, Ferriss provides specific names and links. Considering how this is an updated version, I can only guess that most of these groups continue to exist, with some additions.
This is definitely the type of book that can really make you question the utility of a 9-5, or even the status as a permanent employee. Life isn’t like it was long ago, when people had to actually be present until retirement. Now, there is Skype, which can connect people from all over the world. There are also freelancers who do the important work that employees do in addition to less important tasks.
Inspiration To Myself
This book can only confirm that the stereotypical 9-5 occupation may no longer be the same. If this book was as relevant as it is now, then I can only see a trend towards the four-hour work week.
All of the positive and negative features of living an independent life without golden chains are mentioned in this book. Ferriss spares no room when dealing with them.
Recommend This To…
- Anyone working an unfulfilling job. Specifically, I want to appeal to those who lie awake at night thinking “How long can I do this?” Tim Ferriss might have the answers you are looking for.
- Those who are transitioning from work to autonomy, since Ferriss provides many avenues for achieving it.
- Any single parents who feel overwhelmed with no other solutions. There are cases of parents, including single ones, who have found their financial autonomy through Ferriss’ methods of becoming the New Rich.
- Dotts, Richard. “Dollars Flow To Me Easily.” 2nd Kindle Edition. Self-Published. 2015-16.
- Ferriss, Tim. “The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich.” Expanded and Updated Edition. Harmony Books. 2010.
- Kaufman, Josh. “The Personal MBA: Master the Art of Business.” Revised Paperback Edition. Penguin Random House. 2012.
- Miller, Sally. “The Essential Habits Of 6-Figure Bloggers: Secrets of 17 Successful Bloggers You Can Use to Build a Six-Figure Online Business.” Sally Miller. 2018.
- Schramko, James. “Work Less, Make More: The Counter-Intuitive Approach to Building a Profitable Business, and a Life You Actually Love.” SuperFastBusiness. 2017.
- Ynkawen, Robert-Scott. “Dollars Flow To Me Easily, By Richard Dotts | 19 | 2022 Centobibliennial Reading.” Ynkawen. 2022.