THE 4 HOUR WORK WEEK SUMMARY OF TIM FERRIS

THE 4 HOUR WORK WEEK SUMMARY

     "The 4 Hour Work Week" Summary author Tim Ferris book summary with a good example. The book will inspire you to become an entrepreneur. How to have efficiency in your work. 

Let become an output focused.

THE 4 HOUR WORK WEEK SUMMARY OF TIM FERRIS

     Suppose there are two men, one is Bob and the other is Robert. Bob works in a big company, where he earns Rs 12 lakh in a year and on the other side Robert has started an online business, where he is earning 6 lakhs in a year.

     Now, if I ask you, who is richer between these two. Almost every people will say Bob is richer than Robert. Because. Bob salary is almost double in comparison to Robert’s salary.

Also Read: The Intelligent Investor Book Summary

     To some extent this answer is correct. Till the time we compare their absolute income, but in reality, the world is relative, not absolute.

     So now we will compare their relative income. Bob works 80 hours in a week, whereas Robert works only 10 hours a week.

     According to this, if we calculate Bod gets 288 rupees per hour whereas Robert gets 1153 rupees per hour. So now think who is earning more.

     Our time is the most precious thing. So if we relate to time and money then Robert is richer. Because Robert works 70 hours lesser than Bob. Robert can do many other things in his 70 hours a week.

     Like, he can learn new things, can improve his business skills and can expand his business and can increase his income. He can give time to himself, his family, his friends and can give attention to his health. Because of which his life can be more happy and positive, on the other side doing these things could be very difficult for Bob, the reason is he does not have that much time.

     Not only this but also a concept is known as GEOARBITRAGE.

     Make this comparison more interesting. Hence, Bob works in a big company, which is located in an expensive city, where he has to travel. So it is necessary for him to stay near his company’s location. On the other side, Robert does an online business so he can almost work from anywhere in the world, where he requires only a laptop and the internet.

     I am telling you this because Bob has to go five to six times a week in the office, it cost a lot of traveling, food and house rent or maintenance expenses to him because he lives in an expensive city. So even after earning more, he cannot save much.

     Since Robert has an online business he can travel the world and can work at the same time. In fact, he can earn in Dollars ($) and spend in pesos (stays in the Philippines) which makes everything cheap for him.

     Now if I do a comparison, Bob can go to a big restaurant and can have his proper meal just once, with that same amount Robert can go to Restaurant 6 times and have a proper meal and because of all this his expenses are less and his savings are more.

     GEOARBITRAGE means Leveraging the Economic Difference Between Markets to get high returns, which is possible only for Robert but not for Bob.

     Now the important question arises, just like Robert is it possible for us to spend less time and earn more money. So the answer is Yes it absolutely possible. Even you can do this by making your income automated, which is similar to my earlier blog Rich Dad Poor Dad Passive Income Concept.

Related: Rich Dad Poor Dad Summary

There are 2 types of Income:

1] Active Income –  For earning it, we always need to be active means if we do not work we will not earn or will not get money.

           For example, doing a job or having their own shop.

2] Passive Income – Where it is necessary to work to get money, even if you have to work then it will not be for more time.

           For Example, Renting a shop to get rental income, so you get monthly income without doing anything. OR to start a youtube channel, from where you can earn money by uploading videos.

There are many ways of earning automated income through the use of the internet. But the most popular three ways are;

1] By Making Own Product or Content

2] By Licensing the Product or Ideas

3] Reselling Things

     Among these three the simplest way is the resell, suppose you want to become a reseller. Then first you have to purchase some product in order to sell it. You can buy from any wholesale website, like Alibaba or from any website/ any source as per your knowledge from where you can buy at a lesser price. Then you can resell it the same way as you have purchased or by doing some changes, by making it better like doing painting on it then you can sell the final product with a profit margin.

     If that not possible, you can sell it to Amazon. Flipkart websites by becoming a seller.  Obviously, these ideas will not be as easy as it sounds. However, you have to learn many things before its execution it easy to learn everything at once and learn  how to outsource work by doing all this, you can earn a lot of automated income.

For doing any work effectively at a lesser time, Author ask us to give more attention to 2 points;

1] Elimination – If you want to get the best result out of your work at lesser time. Then you must know, what all the selective work you must do and most importantly you should know what work you are not supposed to do.

     To understand this more properly, the 80-20 principle gets highlighted here because this principle is very powerful and very important. Those who do not know about this principle here is a short explanation, ”The maximum results which you get is from the less work. In fact, you will get 80% of your results just by your 20% of work, so you must know what that 20% of work is.

     That you can entirely focus and concentrate on that 20% work and can eliminate the remaining 80% work.

2] Outsourcing – As a child looking at rich people I use to think that they hire other people for every small work, like keeping driver, for household work they hire servants so I use to think they do all this just for show off or maybe they must be very lazy. But later, on I have realized how wrong I was usually Rich mentality people hire servants to save their time not to show off. Because they know the value and importance of time.

     They know the more time they spend on driving and other small work at the same time they can utilize by doing other important and useful work.

     From which he can earn more money than all servants salary once.

  

     Similarly, even you have to do work, which can be done by only you in which you are the expert and rest work can be outsourced to others.

                                              

"TODAY A READER, TOMORROW A LEADER."

Buy Book from Amazon: Click Here to Buy

Hi..! Friends, Welcome to this blog. If you are new to this blog subscribe to us via email which is available at the bottom and shares with your friends if you like it. Give your suggestion in the comment below. Thanks for Reading...! Have a Good day.