The new rich

The author of the four-hour work week (T4HWW), Tim Ferriss.

A short summary of Tim Ferriss’s book.

Ferriss uses the acronym DEAL for the four main chapters of his book. The acronym stands for: Definition, Elimination, Automation and Liberation. Also, Ferriss notes that if someone has a regular job, the order of the steps will be DELA, not DEAL.

• Definition means discovering what a person wants, overcoming fears, looking beyond the “expectations” of society, setting goals and finding out what it really costs to get where a person wants to go.
• Elimination has to do with time management, or rather with no time management. This is accomplished by using Pareto’s Law, commonly called the 80/20 rule (80% of your benefits come from 20% of your efforts) to focus only on those tasks that provide the most benefits, and using Parkinson’s Law. (the job expands to fill the time available for completion) to control the amount of time spent on the job. Ferriss says there is a difference between efficiency and effectiveness. The book emphasizes effectiveness.
• Automation is about creating an automatic and sustainable source of income. This includes techniques like; drop shipping, automation, Google AdWords and AdSense, and outsourcing functions and jobs to virtual assistants in developing countries to free up personal time.
• Liberation is the successful automation of one’s lifestyle and the liberation of a geographic location and a job.

I read the book in a matter of days and the key ideas are:

1. Principles- The philosophy of life! Set goals and objectives.
2. Time management: be more efficient. The biggest time wasters are; of empowerment, wasted time, and time-consuming activities that don’t achieve their goal. Talk about email in depth.
3. Manage people and processes.
4. Create an income machine.

There are some challenges in implementing the Ferriss plan:

• You have to define what you want and that is not easy!
• You have to be able to communicate and learn to say no in the right way.
• You have to be a focused and hardworking person, and you should only work on essential tasks.
• You must be an insightful person who can decide if you are becoming the New Rich.

In conclusion, an excellent insight into a person’s journey to a different lifestyle. It’s about how to get to a 4 hour workweek … Yes! I said 4 hours a week of work. I’ve recommended the book to people I know, so grab a copy and read how you can take control of your life and become one of the “nouveau riche.”