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Thursday, 09.02.2010 |
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| The 4-Hour Work Week |
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Product Details
Notes
very interesting overall
the key is to go from $40k/year working 80 hours/week
to $40k/month working only 4 hours/week
he was an entrepreneur from an early age
but his big company is BrainQuicken, started in Fall 2001
by 2004 he's making $40k/month but working 12 hours/day, 7 days/week
he learns to create systems to automate and outsource his work
then he leaves to travel the world and experience lots of new things
he proposes creating dreamlining, using unrealistic goals
then figure out your TMI, or Target Monthly Income
that gives you the TDI, or Target Daily Income
this is the income you need to cover expenses and the cost of dreams
he breaks down his $136,000 car into payments of $2,003.10/month
so his final TDI is only $197.90
this is essentially passive income that comes in every day of the year
one of the keys is paying for a dream in small amounts over time
also, living overseas is cheaper if you move for a long time period
because you can then stop your rent or mortgage in the U.S.
so you replace your home living expenses with travel expenses instead
one of his strategies is to limit a lot of small tasks
this includes checking email, or talking to coworkers
you train coworkers to contact you through email
and you get them to handle most problems on their own
same thing for employees, let them make their own decisions
it might cost you some money at first, but you save a lot of your time
then eventually you only have to monitor things once a week
there's a whole chapter on outsourcing to India
you can outsource just about anything, even personal stuff
they can write emails for you, make phone calls, and run errands
come up with a system so you can give them very clear directions
then let them repeat the process at night while you're sleeping
make sure you find a good virtual assistant, or a team of assistants
automate your business by targeting a niche market
create a system and test it on a small scale online through PPC or eBay
once everything is working smoothly, you can scale it up
outsource everything to fulfillment centers and call centers
have your credit card processors handle all payments and returns
eventually the whole system will run without you
if you're an employee, you can build systems to do your work faster
then do a trial run of working from home
prove to your boss that you can be more productive working remotely
eventually you can use your systems to escape completely
think about the worst case scenarios honestly, they won't be that bad
look for mini-retirements instead of working non-stop
find creative ways to travel, it's not that expensive
at first you may rush to see lots of tourist attractions
but eventually you'll settle down to a more relaxed pace
don't panic if you suddenly feel like you're wasting time
the key is to look for a new goal of your own choosing
you want to avoid boredom and find interesting experiences instead
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