Key Points from Book: The 4-Hour Work Week

People don’t want to be millionaires, they want to experience what they believe only millions can buy

The new rich aims to distribute “mini retirements” throughout life instead of hoarding the recovery and enjoyment for the fool’s gold of retirement

Many a false step was made by standing still-fortune cookie

Most people will choose unhappiness over uncertainty

The most basic of foods and good friends proved to he the only real necessities, and what would seem like a disaster from outside was the most life-affirming epiphany he’d ever experienced. The worst really wasn’t that bad. To enjoy life, you don’t need fancy nonsense, but you do need to control your time and realize that most things just aren’t as serious as you make them out to be

Usually, what we most fear doing is what we most need to do

Measure the dost of inaction, realize the unlikelihood and repairability of most missteps, and develop the most important habit of those who excel and enjoy doing so: action

If you are insecure, guess what? The rest of the world is, too. Do not overestimate the competition and underestimate yourself.

This is how most people work until death: I’ll just work until i have x dollars and then do what I want. If you don’t define the “what I want” alternate activities, the x figure will increase indefinitely to avoid the fear inducing uncertainty of this void

Ever tried. Ever failed. No matter. Try again. Fail again. Fail better. -Samuel Beckett

Set your Target Monthly Income:
[Monthly goals + (one time goals/total months)] x 1.3

It is vain to do with more what can be done with less -William of Occam

Effectiveness is doing the things that get you closer to your goals. Efficiency is performing a given task in the most economical manner possible

Doing something unimportant well does not make it important

Requiring a lot of time does not make a task important

Pareto’s law: 80% of the outputs result from 20% of the inputs

More customer is not automatically more income

Being busy is a form of laziness, lazy thinking and indiscriminate action

The lack of time is actually lack of priorities

Parkinson’s law dictates that a task will swell in (perceived) importance and complexcity in relation to the time alotted for its completion

If someone isn’t making you stronger, they are making you weaker

Ask yourself every morning, if this is the only thing I accomplish today, will i be satisfied with my day?

Reading, after certain age, diverts the mind too much from its creative pursuits. Any man who reads too much and uses his brain too little falls into lazy habits of thinking

It is imperative that you learn to ignore or redirect all information ajd interruptions that are irrelevant, unimportant, or unactionable. Most all are three

Develop the habit of asking yourself, will i definitely use this information dor something immediate and important?

Id you are reading an article that sucks, put it down and don’t pick it back up

More is not better, and stopping something is often 10 times better than finishing it

Don’t encourage people to chitchat and don’t let them

If someone likes puppu but is hesitant to make the life altering purchase, just offer to let them take the pup home and bring it back if they change their minds

For employee, the goal is to have full access to necessary information and as much independent decision making ability as possible. For the enterpreneur, the goal is to grant as much information and independent decision making ability to employees or contractors as possible

It’s amazing how someone IQ seems to double as soon as you five them responsibility and indicate that you trust them

Ask people, is that reasonable? It’s hard for people to label things unreasonable

Limits access to your time, force people to define their requesrs before spending time with them, and batch routine menial tasks to prevent postponement of more important projects

People think it must be fun to be a super genius, but they don’t realzie how hard kt is to put up sith all the idiots in the world-Calvin

Create systems to limit your availabilitynvia e-mail and phone and deflect inappropriate contact

Batch activities to limit setup cost and provide more time for dreamline milestones

Set or request autonomous rules and guidelines with occasionsl review of results

Lingering unimportant tasks will disappear as soon as someone else is being paid to do them

If you can do it better than an assistant, why should I pay them all? Because the goal is to free your time to focus on bigger and better things

Never automate something that can be eliminated, and never delegate something that can be automated or streamlined

Each delegated task must be both time consuming and well defined

Prohibit small operation VAs from subcontracting work to untested freelancers without your written permission

In starting a business, pick an affordably reachable niche market. Creating demand is hard. Filling demand is much easier. The main benefit should be encapsulated in one sentence, simple one. It should cost the customer $50-200. Higher pricing sttracts lower maintanance customer. It should not take more than 3-4 weeks to manufacture. It should be fully explainable in a good online FAQ

Business opportunities:
Create the content yourself, often via paraphrasing and combining points from several book on a topic
Repurpose content that is the public domain and not subject to copyright protection
License content or compensate an expert to help create content

Being an expert:
Join two or three related trade organization
Read three top selling books on the topic
Give one free one to three hour seminar
Offer to write one or two articles for trade magazines
Join Profnet

Looking monthly website visitor:

Finding products to resell or manufacture

Licensing ideas to others

Ask people to buy your product

Micro testing product:
Look at the competition amd create more compelling offer on an basic one to three page website
Test the offer using short google adwords advertising campaigns
Cut losses with losers and manufacture the winner for sales rollout

Registering domain names:

Cost effective trademark filing and company formation:

End to end site solution with payment: shopify

Web trafic: google analytics, google web optimizer

In advertising, showcase one product instead all of it

Customer service is providing an excellent product at an acceptable price and solving legitimate problems in the fastest manner possible

Reducing service to 80/20 rule:
Offer one or two purchase options and no more
Do not offer multiple shipping options
Do not offer overnight or expedited shipping
Eliminate phone orders completely and direct all prospects to online ordering
International shipping could be annoying

If you offer an excellent product at an acceptable price, it is an equal trade and not a begging session between subordinate and superior

Looking professional:
Don’t be the CEO or founder
Put email and phone number on the websites
Set up an interactive voice response remote receptionists

It is far better for a man to go wrong in freedom than to go right in chains- Thomas H. Huxley

The new rich are defined by a more elusive power than simple cash, unrestricted mobility

Make your company to invest as much as possible in him so that the loss is greater if he quits

Present remote working as a good business decision and not a personal perk

All courses of action are risky, so prudence is nit in avoiding danger, but calculating risk and acting decisively. Make mistakes of ambition and not mistakes of sloth. Develop the strength to do bold things, not the strength to suffer-Niccolo Machiavelli

If you must play, decide on three things at the start: the rules of the game, the stakes, and the quitting time-Chinese proverbs

Would you like me to give you a formula for success. It’s quite simply, really. Double your rate of failure-Thomas j. Watson

One cannot be free from the stresses of a speed and size obsessed culture until you are free from the materialistic addictions, time famine mind set, and comparstive impulses that created it in the first place

Packing essentials for world travel:
One week clothing appropriate to the season, one semiformal shirt and pants for customs
Backup photocopies or scanned copies of all importance documents
Debit cards, credit cards, and $200 small bills in loacl currency
Small cable bike lock for securing luggage
Electronic dictionaries

Mini retirements:
Take an asset and cash flow snapshot
Fear set a one year mini retirement in an dream location in Europe
Choose a location for your actual mini retirement
What is the 20%’of my belongings that I use 80% of the time?
Which belongings create stress in my life?-Eliminate

Location for retirement:

Round the world FAQ:

Cheap amd round the world airfare:

Computer remote access:

People say that what we are seeking is a meaning for life. I don’t think this is what we are really seeking. I think what we are seeking is an experience of being alive.-Joseph Campbell

Morality is simply the attitude we adopt toward people we personally dislike

Search in google for a poem titled “slow dance”

Time without attention is worthless, so value attention over time

Don’t accept large or costly favors from strangers

You don’t have to recoup losses the same way you lose them

One of the most universal causes of self doubt and depression is trying to impress people you don’t like

Slow meals= life

Money doesn’t change you, it reveals who you are when you no longer have to be nice

The more options you consider, the more buyer’s regret you’ll have

The more options you encounter, the less fulfilling your ultimate outcome will be

Donmt postpone decisions just to avoid uncomfortable conversations

Fast decisions preserve usable attention for what matters

Who you portray in your marketing isn’t necessarily the only demographic whi buys your product, it’s often the demographic that most people want to identify or belong to

Limit your product distribution to increase profit

Deadlines before details, test reliability before capability


About Journeyman

A global macro analyst with over four years experience in the financial market, the author began his career as an equity analyst before transitioning to macro research focusing on Emerging Markets at a well-known independent research firm. He read voraciously, spending most of his free time following The Economist magazine and reading topics on finance and self-improvement. When off duty, he works part-time for Getty Images, taking pictures from all over the globe. To date, he has over 1200 pictures over 35 countries being sold through the company.
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