4 hour Work Week - Tim Ferris

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4 hour Work Week - Tim Ferris by Mind Map: 4 hour Work Week - Tim Ferris

1. Definition

1.1. The Deferrer vs the new rich

1.1.1. Define your End goal: Deferrer or the New Rich? TO make a lot of money? What will you do with it? TO have more? TO have a big pay-off/IPO, acquistion Would it be better if you had cashflow rather than wait around for big payday? To retire early/young? Most people get bored. Would it be better to be able to take breaks/vacations on demand?

1.1.2. Having Money is not Freedom Money is multiplied - depending on the Ws you control What you do When you do it Where you do it With Whom you do it

1.2. Challenging the status Quo

1.2.1. 1. Retirement is the final goal? fool's gold Physically fit? Active? Distribute mini-retirements throughout your life

1.2.2. 2. Interest and energy can be cycled Work when you are productive Take breaks and rejuvenate

1.2.3. 3 Less is not laziness NR produce more even with putting in lesser hours

1.2.4. 4. Emphasize strengths. Don't fix weaknesses You can multiply your results using your strengths Or incrementally improve your results while working on your weaknesses

1.2.5. 5. Absolute v/s relative income Relative income How many hours you had to work to produce that income?

1.3. Fear setting and escaping paralysis

1.3.1. Conquering Fear Define the worst case scenario Scale of 1-10 Fear disguised as optimism/wishful thinking Not quitting the job because you think - somehow things will improve over time

1.3.2. Exercise 1. Define your worst nightmare - the absolute worst that could happen What would be the permanent impact on a scale of 1-10? 2. What steps could you take to repair damage? 3. What are the benefits both temporary and permanent of more probable scenarios? What would be the impact (positive) on a scale of 1-10 4. What is it costing you- financially, emotionally and physically - to postpone action? If you look 10 years out ... what does the future look like? Disappointment, regret ... 5. What are you waiting for? There is nothing called good timing. Now is a good time to start

1.4. Becoming Unreasonable and unambiguous

1.4.1. Doing the unrealistic is easier than doing the realistic There is a lot of competition for mediocre goals Because everyone thinks they are achievable

1.4.2. Having a large goal is an adrenaline infusion Gives you extra motivation and energy If potential payoff is mediocre, so is your effort

1.4.3. DREAMLINING What would you do if there is no way you could fail? What's on your dream list to do 6 months out 12 months out Put it all down Having goals Being Goals Doing goals What are the 4 dreams that would change it all determine the cost of those dreams and your Target Monthly Income Determine 3 steps for each of the 4 dreams and start taking action NOW

1.5. Harnessing the Power of +ve Stress

1.5.1. Eustress v/s Distress

1.5.2. Eustress/ +ve Stress Allows you to accomplish things at a much faster clip

2. Elimination

2.1. How to WORK FAR lesser Hours

2.1.1. Effectiveness vs Efficiency What you do is INFINITELY more important than how you do it

2.1.2. Pareto Principle - 80/20 80% of consequences flow from 20% of the causes Being selective and doing lesser things is the way to be more productive There is no LACK of time Its only lack of priorities If you had a GUN to your head and had to remove 80% of your tasks, what would you remove?

2.1.3. Parkinson's law A task will swell in (perceived) importance and complexity in relation to the time allotted for it's completion If I give you 1 day You get it down in 1 day If I give you 1 week You take it week If I give you 1 month You take 1 month You make it a monster End product of the shortest deadline is probably the BEST Use Parkinson's law on Micro Level Macro Level

2.1.4. USING BOTH Pareto and Parkisnons 1. Limit tasks to the 20% that produce 80% of the results 2. Shorten the work time drastically You need deadlines or else minor tasks will consume your time Deadlines induce FOCUS Time is wasted in proportion to the amount that is available

2.2. Low Information Diet

2.2.1. Cut out most of the media

2.2.2. Cut out social media

2.2.3. Is this Information pertinent right now? For something that is Immediate & Important

2.3. Schedule pre-determined times for

2.3.1. Phone calls

2.3.2. Emails

2.3.3. Any other distractions

2.4. Practice Non-Finishing

2.4.1. You don't have to finish everything you start

2.4.2. If you identify it is not serving your purpose Let it go

2.5. Limit your availability

2.6. Turn off Distractions

2.7. Batch Activities

2.7.1. So that you can be way more productive

2.7.2. There is a mandatory and invisible setup cost for all TASKS No matter how Big or Small

2.7.3. Most knowledge workers end up wasting nearly 28% of the day in task switching

2.7.4. Task switching is expensive Your brain needs to load new context every single time More complex a task gets The higher the switching time

2.7.5. If you stay on the same task You end up Producing more At a higher quality With way less stress

2.8. Practice saying NO more often

3. Automation

3.1. Outsourcing Life

3.1.1. Delegate to Virtual Assistants

3.2. Income Autopilot 1 - Find the Muse

3.2.1. Pick a Niche

3.2.2. Brainstorm Products Resell License Create a product

3.3. Become an Expert in 4 Weeks

3.3.1. 1. Read 3 Best-Selling books on the topic

3.3.2. 2. Give a seminar at Educational Institution for free

3.3.3. 3. Leverage the seminar to give another seminar at a big local company for free Tell them that you are doing it to get speaking experience Record the Video

3.3.4. 4. Write articles for trade magazines Leverage the previous speaking gigs

3.4. Income Autopilot 2 - Test the muse

3.4.1. Micro-Test the Product Test the Ads

3.5. Income Autopilot 3 - Management by Absence

3.5.1. Delegation

3.5.2. Outsourcing

4. Liberation

4.1. Mini Retirements

4.1.1. Dont save your retirement for the end - after 65 when you don't have the same physical and mental energy

4.1.2. Instead space them out throughout your life

4.1.3. Relocate to a new location for 1-6 months It is something you can do on a regular basis

4.2. Filling the Void

4.2.1. Go All out Live your dream Spend time on all that you have longed to spend time on

4.2.2. You will get bored at some point

4.2.3. Learn

4.2.4. Volunteer

5. =