Timothy Ferriss's 4-Hour Workweek
How to Escape the 9 to 5 Corporate Trap Timothy Ferris
Sep 6, 2007
Work From Home
In The 4-Hour Workweek, Timothy Ferriss outlines how to become part of the New Rich, a rapidly growing self employed population working from home or beach, working part time while earning full time. Rather than work from 9 to 5 for 35 or 40 years hoping to enjoy life in retirement, Ferriss advocates living a full life now with a series of mini-retirements funded by revenue streams which take very little personal attention.
Ferriss describes how he went from a 40+ hour workweek, earning $40,000 per year to a 4 hour workweek, earning $40,000 per month. His approach to work may not be for everyone, but he offers excellent tips that will benefit everyone; even those who prefer a traditional corporate job.
Purpose, Passion, Excitement
For those who struggle defining a life purpose, Ferriss suggests a question that will help focus the thought process. If purpose seems too large and lofty to clarify, and passion appears too emotional, ask "What excites me?" Activities causing excitement will align with purpose.
Eliminate the Unnecessary
Don't accumulate, eliminate. Most of the stuff that we accumulate as we pursue success does not bring happiness. Accumulating and caring for what we accumulate causes additional burdens of time, money, and energy.
Pareto Analysis
Anything that doesn't add in a significant way to happiness or income is probably unnecessary. Ferriss suggests utilizing Pareto's 80/20 law--20% of activities contribute 80% of benefit. Focus on the 20% of everything you do that brings 80% of your total benefit. Identify the relationships that bring 80% of your happiness, the customers who provide 80% of your income, the tasks that result in 80% of your productivity.
Increase Productivity - Parkinson's Law
Whether an entrepreneur or an employee, productivity is critical to success. Ferriss reminds us that Parkinson's Law--activities expand to fill the time allotted--applies to productivity. If we expect to work 8 or 9 hours at a job, we'll expand our activities to fill that time. Conversely, given a 4 hour workday, we'll select the most important activities and complete them in that time.
To increase productivity, focus on the most important activities(80/20 rule) and give yourself a tight timeframe to complete them. Ferriss suggests setting a target of completing two significant activities each day. The important word here is significant.
Limit Distractions - Refuse
Refuse to multi-task. Multi-tasking, though glorified in these days of continuous downsizing, is inefficient. Pick your two most important daily activities and do one at a time.
Refuse to be Interrupted
Inform interrupters that you're in the middle of something urgent and are expecting an important call. Ask how you can help them in the next 30 seconds, or to send you an email outlining what they need from you.
We often sabotage our own productivity efforts by checking email and voice mail frequently. Refuse to do that. Check each twice a day and only twice a day.
Automate
Take yourself out of most loops. Set up automated processes that remove you from non-critical paths. Empower others to do the things you nearly always approve when they seek approval.
Mini-Retirement
If you're an entrepreneur and you've successfully implemented the above tips, take a multi-month mini-retirement. Your business will continue to run effectively if you've set up appropriate processes. Utilizing technology do what only you can do in an hour or two a week.
If you're an employee, and a good one, show your boss that you can be even more productive working remotely--no interruptions, no meetings, no coffee room chat to distract you. Then work from wherever you please.
If you liked The 4-Hour Workweek you may like Successful Goal Setting and Creative Goal Setting.
See the Topical Index of Personal Development Articles for More Great Ideas.
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