LARS Episode 10 | The 4 Hour Work Week: Escape the 9-5, Live Anywhere & Join The New Rich by Tim Ferriss (Summary)

Small Business, Big Freedom: How to Live the 4-Hour Work Week as a New Entrepreneur

Challenge everything you thought was just 'how it has to be' and build a business that allows you to live a rich life DAILY!

I wasn't too sure about this book, but I have to say it's been a pleasant surprise, a gift of true thought leadership.

Need I say more?

We're back with our Leaders Are Readers Series (LARS) episode 10; if you've been listening, you know we bring the gems from best-selling faith, mindset, and biz books.

Get your copy of The 4 Hour Workweek: Escape 9-5, Live Anywhere, And Join The New Rich by Timothy Ferriss  at https://amzn.to/3Agw0ut

If you love the book gems, listen to our most popular episode:
Leaders Are Readers Series Ep.7: Positioning, The Battle For Your Mind by Al Ries, Jack Trout, et. al

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Transcript

[00:00:00]

I've been seeing this book being mentioned by a lot of big entrepreneurs. Who say when they were starting out on their journey, this book was really instrumental in making a mindset shift. If you don't pursue. Those things that excite you.Where will you be one year from now? Five years from now. 10 years from now.

That's the question of lifestyle design. 

It's time to reinvent.

Welcome back to the lessons of entrepreneurship, the journey of reinvention podcast. Today, I'm bringing back. One of our favorites, series that we do on our podcast called the leaders are Redis series. today we're covering the book the four hour workweek escape, the nine to five. Live anywhere and join the new rich [00:01:00] by Tim Ferris.

My initial impression , the concept of the four hour work week or the title of the book. I wasn't open-minded. This is what I can say. I made some assumptions. Just because I felt like the idea didn't quite align with my own life philosophy. Anyway, I'm here to say that I've been pleasantly surprised and reading the four hour work week. By Tim Ferris.

I've been seeing this book being mentioned by a lot of big entrepreneurs. Who say when they were starting out on their journey, this book was really instrumental in making a mindset shift. That they felt was necessary in order to. Pursue entrepreneurship I'm sure if you search on YouTube, there are plenty of videos. Dull. 

, so many. Creators have profiled this book. I'm going to try to give you a different perspective. 

Firstly, if you're like me and the concept of the four hour work week, you're like, ah, okay. , it doesn't sound like your cup of tea. I think you'll be pleasantly surprised if you continue listening to this [00:02:00] episode. Because.

I'm going to share with you a Tim things that I think this book does really well. It's not really a book to read small, like a manual, because he provides a lot of resources. Links to the things that he's talking about in the book. So if you vibe with these 10 points, you should probably purchase the book. Because there's lots of information 

, he goes into detail. So. Thank you so much, Tim Ferris for that. Anyway, first of all, point number one, 

This book is not about a four hour work week. It's about. Designing your life. It's a lifestyle design book. And I think. At this point in time, similarly to the time in which it was written, but I think even more so now the concept of lifestyle design is really something that I think everybody should be thinking about. 

Entrepreneurial, not. Post to the pandemic. I think we all had an unwelcome shift in the way that we do things we will forced to redesign our lives, whether it was. [00:03:00] Working virtually or.

Meeting with clients virtually or. Attending conferences virtually. 

We were able to make changes. To continue to get sometimes even more effectiveness and more efficiency.

By doing things that prior to the pandemic who might not have thought were the best way of doing things

or the most beneficial way of doing things, point number two. He talks about how the global economic downturn is an. Opportunity for small businesses for solopreneurs entrepreneurs. Why? Because he said at a time when economies alone. Hello where we are today. At a time when economies are going through a lot.

What'd you have is discounted infrastructures of standing freelances globally at bargain prices. And advertising, which is accessible and becoming affordable.

And all these things he says are not possible when. The economy and the markets optimistic. So.

Really [00:04:00] right now is a time when there's a lot of fear. Especially for small business owners and entrepreneurs, and it's harder to get people to buy things, frankly. But also in this lies, great opportunity. For real people too. Design a lifestyle that goes with what the. Hoping to accomplish.

He says, and I quote this period of collective panic is your time to dabble. It's time to experiment, try different things. Access high quality resources at affordable prices. And be able to negotiate. I think it's a great time for really resourcefulness. Things like Bata trading with entrepreneurs for services. Things like looking globally for people who are. Excellent. 

And working with them virtually to improve your business. This is a time where really I believe for many businesses. An opportunity for people to really , reinvent themselves. And come out the other side. Having. Strong business structures and great profitable offers. And [00:05:00] having built brands using social media. That helped them to grade greater reach. And to have more impact. 

Point number three, this book talks about.

Live by design, not by compliance.

There's a quote that he shares that whenever you find yourself on the side of the majority, It is time to pause and reflect that's occurred by mark Twain.

And essentially what he's saying. And I think he speaking to the people like me, who saw the title of the four hour work weekend, how practical is that? , he's really talking about.

Being bold enough. To design a lifestyle to design a business. And to take actions that allow you to live the life you desire. I think a lot of entrepreneurs, whether you're, Young person whose. Out of school and you want to see the world, you want to expose yourself to more of what's out there. , designing your life as an entrepreneur in a way that you can do those things. For those who are parents having a life where you [00:06:00] can spend more time with your children and you can go to their activities and you can have time.

To be with them and just. Enjoy them growing up, , designing your life in such a way that you can do those things that are important to you.

It's really what this book is about. 

And I think lately on the podcast, we've been able to have some really fantastic. People come on the show. Who've really opened up my mind and I think. If you've been listening well along a that there's so many ways to approach business, , there's franchise models. 

There's. Building an agency with global talent. We've talked about boutique businesses. We've talked about. Being a high value consultant. We've talked about a lot of different approaches to entrepreneurship. Depending on what it is that you hope to accomplish and depending on the life that you're trying to design for yourself, and what's really important to you.

Point number five, the concept of , what he calls the new rich. As it's not about money. It's about. [00:07:00] Rich lifestyle, then you can say, well, you know, how do you live a rich lifestyle that money, but they know it will get into that. He says that the new rich, uh, people have decided that they are not what they do for work. 

They've separated what they do for work and who they are. And how they spend the time. We're importantly, as things that are completely different.

And then the idea of like, how do you live a , rich lifestyle without any money? , he says. Consider how much money does it take for you to actually do the things that you considered to be a rich lifestyle? I think this is one of those things where. Traditionally for a long time, there were certain things we associated with being rich. 

We, you know, we associated people who play golf. With people for certain. Don't want to say class, but people have sit in means we associated people who, , listen to certain music or attend certain things as being something that was exclusive to people off. Great wealth. And he says, well, Christian, those assumptions in today's world. How much money does it cost for you [00:08:00] to be able to. Do those things right. Those things that you enjoy doing, that you figured, um, reserved for rich people. He even goes as far as saying, think about even retirement people think, oh, when I retire, then I'll spend my time on the beach. 

Or finally, when I retire. I'll be able to travel and he says question all those assumptions. Like what stops you from traveling today?

What really stops you from traveling today, because if you wanted to go and visit us in the country and you weren't trying to fly first class and you want to try and to stay. , in the Ritz Carlton or. Whatever five star hotel you can think of if what you really wanted was to go. And visit a certain country and experience it in things there. 

And that is part of what you would consider. Making your life rich. You could figure out a way to do it. On a minimal budget and today's world. Whether it's a cheaper flights, cheaper accommodation. She had accommodation. There's so many options and this is what he's talking about when he's talking [00:09:00] about.

Today's world is about the new rich and the new rich is not necessarily about money. It's about people who have designed the lives in a way to live a rich lifestyle.

I'll beat off course. There's certain places in the world where.

Those things are hard to come by, but even then, He says, you know, continue to question assumptions. If you love to play golf. And you can figure out a way to play golf. You don't have to have a load of money, but there's a way. If you can design your life to live a rich lifestyle.

The 0.5 he says the goal is fun, full profit. Enjoy what you're doing. And make sure that what you're doing is profitable at the same time. He's not, advocating for. People to just be careless and just having fun no. Thought of like, how am I going to earn, how am I going to live? 

That's not what he's talking about. 

He refers to the idea of boredom being something that people experience as the norm in adulting. Being an adult just means you have to be bored with life and just going through. The rat race that I'm still wheel, whatever you'd like to call it. [00:10:00] And he's questioning that. And he's saying, how about we make a goal? Us having fun. 

And also as being profitable. And he has a concept and the concept is deal D E a L. He says, the first thing is definition, define what it is that you want. The next E is. Elimination. What does it need to be there? What can you live with that? What should you not do? The AE is automation. 

What does it need you in the mix to get done? And all he says is liberation. The whole point of everything. That he's talking about in this book is the idea of. Being able to be free to make the choices that you want for your life? Freedom.

There's a quote in the book about money and he says money is multiplied in a practical value in practical value. 

Let a numerical value and practical value, depending on the number of double use you controlling your life. The first double use is what you do the second w when you do [00:11:00] it, The third w where you do it. And the last one is with whom you do it. And he said that the point of money is to be a freedom multiplier. To allow you to be able to make those choices. And this made me think because as an immigrant, who's lived in many countries all over the world. And if you're an immigrant, if you know, you know, right. This idea of.

Seeking freedom. And seeking ways to multiply a freedoms. Point number six. He says you can make money, remember fun and profit. He says you can make money a lot more money. By doing half of what you're doing right now.

He says less is more. I suppose if you think about it this way, if you only do what you're great at.

Then. You can do less to be able to earn more money. And in this case, it says less is more, , back to that, concept of the four hour workweek. , he says less is not laziness. But less is more. It says once again, test every assumption. And there's always been this elephant in the room where [00:12:00] popular culture. Love's a sacrifice. It loves, for you to be working, working, working, working, and we get so much adrenaline from that. And we get identity from that and we feel good because we're busy all the time. And we never get any rest. 

He's like, no. Christian, every assumption test every assumption. 

And then it reminded me of the Netflix founder. I can't remember the exact details, but him saying that he had a specific day. Off of the week where after 6:00 PM, he did not do any work, something that he said he led be known. Company-wide that at 6:00 PM. It was time for him and his wife. To have a date night and that time was not compromised. And I think he did that for 20 years. 

And. It's a Testament, especially for. New entrepreneurs and small business owners where we're thinking we have to be working all the time and we can't do this with our family. And we can't do that with our friends. And really it boils down to what is important. That. Designing your lifestyle or living your life by design.

Even if we [00:13:00] look at society today, We've tested the assumptions about needing to be at a workplace, working for eight hours in order to produce a certain outcome. I've realized that being at home and working virtually for less hours can still be more productive. 

Even if you think about the area of homeschooling, , homeschoolers. Uh, realizing that you only need about two to three hours. Of focused learning for a child. For the day. They don't need to be. , in school mode or learning environment for seven or eight hours. So it's interesting that all these kind of. 

Assumptions that we've had or models that we've had of what is the correct way to do things. 

Challenge those conventional wisdoms. As entrepreneurs challenge the fact that you need a lengthy sales process. Challenge the idea of having to book calls in order to get clients. Challenge. The idea that social media does not lead to sales. 

For a long time, people did social media and some people still say it up to not social media does not equal sales, [00:14:00] but if you look around, there are a whole lot of people. With odd booking calls. Through social media who are making a whole lot of sales. So even as you structure your business and the processes in your business, things that take you a lot of time Challenges the another way so that you can have a lifestyle that.

I was going to say a balance, but no, Tim is not talking about a lifestyle of balance. He's talking about a lifestyle that makes you feel. That living a rich lifestyle. Daily.

Can you accomplish this goal? Whatever the goal is by doing less. Point number seven, ties into point number six. He says productivity over being busy. Say no to work for work sake. The things that you're doing is to say, you're working say no to those things. He's not saying don't have any form of stress in your life. 

He says, no, the opposite. He thinks stress is good for you. If it's healthy stress. . If the stress you're experiencing is you pushing beyond your boundaries and getting out of your comfort zone, [00:15:00] then that's good stress. You need that kind of stress in your life. It's interesting that as you read the book, 

all the assumptions that I had from the four hour workweek, he addresses those one after another. Well, the book is hugely popular. , I just wonder if people would have had those assumptions would have gotten to the point where they actually read the book and got to hear. Him countering those assumptions as you read the book. But all the same. Point number eight, he says,

Don't only evaluate the potential downside of an action. Of actions. Measure the atrocious costs of inaction. If you don't pursue. Those things that excite you. Where will you be one year from now? Five years from now. 10 years from now.

That's the question of lifestyle design. , Thank you, Tim Ferris for that question. I think that's a really good question. When you begin to reflect, , whatever you feel about the concept of the four hour work week, whether it's achievable or not. But the [00:16:00] idea that you have to live a boring life. In order to be a productive adult or. You have to be a person who's highly stressed and. Stretched. Finn in order for you to be a business person and entrepreneur. It says question all those things by first saying what is important to you? 

Maybe those things are important to you that all the same. Being intentional about your life. The first question is always, what do you want?

What do you want? Few field, your life is boring and uneventful, and you're living for the weekends. Change it. Design your life. Point number nine. To have an uncommon lifestyle, you need to develop the uncommon habit. Of making decisions, both for yourself and for others. Well, the uncommon habit of making decisions. That really struck a chord day. 

As you're growing up, you're looking forward to finally being able to make decisions for yourself and then. As an adult, , we avoid actually making decisions. We go with the flow, [00:17:00] we follow traditional paths. We just do what we think we're supposed to do. . We abdicate our power to make decisions. And he's saying. If you want to have an uncommon lifestyle. , doing what other people are not doing

you chatting your own way. 

Being business leader. a visionary. You have to decide, you have to decide.

For yourself. What you want, and you never know, you might be deciding for this. It's great because that's what Tim does with this book. He gives us a concept. An idea of how to do it and he goes so far as to provide details as to how to accomplish this redesign lifestyle. That's what leaders do. 

Really interesting book. The last point that I'll give you. I , I can cover the whole book. By the book it's not a book to read is the book really to find resources to accomplish what you're doing he says.

You don't need more time. You can accomplish the things that you're doing and half the time. , Parkinson's law dictates that a task will swell. In perceived importance and complexity. And relation to the time. Allocated for its [00:18:00]completion. So basically you saying, create deadlines for your work, even if you're working alone, you started your business. Create deadlines for your work. 

Do not allow yourself to have endless working days. Or to have days that merge into each other while you're working. Did not allow that to happen to you. He says, A good. That must test.

A little bit extreme, but I mean, it's food for thought. Listen, he says, if you had a heart attack, And had two hours to work per day. Two hours to work per day. That's all you had. Or would you do.

Thank you so much for listening to the leaders are Rita series and the book we covered today, the four hour workweek by Tim Ferris. It's an interesting book. And I do understand why all the people that I saw mentioning this book. Talked about how it's a mindset shift. It's an unshackle yourself to the traditional way of doing things and shackle yourself from your job. , Unshackle yourself from the idea of being a business owner that slaves away day [00:19:00] and night. And shackle yourself from all those traditional ideas.

Decide what it is that you want, make that decision and then take that action. To have the lifestyle that you live on intention. Design a life that is rich daily, rich. Because you're doing the things that you set out to do. And as we look for ways to. Earn more and be more profitable. The idea is we're doing that. In order to multiply our freedoms of. What we do when we do it, where we do it and with whom we do it. So thank you, Tim Ferris. 

I'll leave a link down below. If you'd like to purchase the book. It was a good read. And I'd recommend it to someone who they feel bored with life or they feel bored with their business. Maybe it's time for a lifestyle design.

Reinvent yourself and do so boldly make decisions and act on them. Thank you for listening and as always. See you soon.