“A man is rich in proportion to the number of things he can afford to let alone.” – Henry David Thoreau
Pareto’s Law states that 20% of work activity leads to 80% of the desired results. Therefore, 80% of potential tasks produce just 20% of desired results. To drastically reduce your workweek, find, eliminate, or delegate 80% of tasks so you can focus on the vital 20%.
While working, get in the habit of asking: “Is this the best use of my time?”
Does it generate income? Am I obligated to do it? Do I enjoy it? If the answer to these questions is ‘No’, you’re doing an ‘80%’ activity, and you need to complete the following steps (in the following order):
Let It Go
Table of Contents
Are the consequences of not doing it reversible? What’s the worst case scenario of NOT doing this?
- Run small ignorance experiments: stop doing tasks with small and reversible consequences. After the experiments are complete, determine if you can live with the consequences and if you should stop doing those tasks all together.
- “Can you let the urgent ‘fail’—even for a day—to get to the next milestone for your potential life-changing tasks? Small problems will crop up, yes. A few people will complain and quickly get over it. BUT, the bigger picture items you complete will let you see these for what they are—minutiae and repairable hiccups. Make this trade a habit. Let the small bad things happen and make the big good things happen.” – Tim Ferriss
Let Others Do It
Is the task you want to hand off well defined (does it have clear instructions and requirements)? Is your hourly rate higher than what it would cost someone else to do the task?
- Passing inefficient tasks to others will generate more work for you in the long run. “Each delegated task must be both time-consuming and well-defined. If you’re running around like a chicken with its head cut off and assign your VA (virtual assistant) to do that for you, it doesn’t improve the order of the universe.” – Tim Ferriss Rule of thumb: do a task at least five times before handing it off to others – this allows you to work out any issues and simplify the process.
- Estimate your hourly income by cutting the last three zeros off of your annual income and halving the remaining number (ex: $50,000/year = $25/hour). If you make $25/hour, you should outsource all tasks that cost less than $25/hour to complete. This allows you to generate more income by focusing on high-value tasks.
Always be thinking ‘How can I teach someone to do this?’ Make yourself replaceable by building checklists and FAQs and move on to bigger and better things. When you’ve fully defined the tasks you want others to do, it’s time to hire a virtual assistant (VA):
7 Site to Find a VA
7 Common VA Tasks
- Schedule meetings, follow-up appointments, and travel accommodations
- Make meeting minutes (transcribe meeting audio)
- Conduct web-researches
- Complete errands and online purchasing
- Do website maintenance (web design, publishing, uploading files) & basic web design
- Proofread, format, and edit
- Write software programs
7 Rules to When Using a VA
- Create a competency test for desired skills (ex: for excellent English speaking skills schedule a call first).
- Have VAs rephrase the task back to you to verify their understanding of the requirements.
- Require intermediate progress updates (ex: screenshots every 4 hours).
- Make deadlines no longer than 72 hours away (24-48 hours is ideal). If the task is large, break it down into smaller tasks that can be completed within 72 hours.
- Issue one task at a time. Start small and go bigger over time. Eventually, you’ll provide them prioritized task lists to complete.
- Help their decision-making process by identifying several ‘if-then’ statements, general decision-making philosophies, and monetary thresholds (ex: allow VAs to use their judgement for decisions for purchased of $20 or less) to remedy potential issues.
- Never allow VA’s to use a debit card (credit card only), and create separate user accounts for VA’s with passwords that you don’t typically use.
“’Someday’ is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it’s important to you and you want to do it ‘eventually,’ just do it and correct course along the way.” – Tim Ferriss
“The 4-Hour Workweek” by Tim Ferriss is a groundbreaking book that challenges conventional wisdom about work and retirement. Ferriss, a serial entrepreneur and self-proclaimed “New Rich,” offers practical strategies for readers to escape the 9-5 grind and live a location-independent lifestyle. In this review, we’ll delve into the book’s key concepts, strengths, weaknesses, and potential applications for readers.
The 4-Hour Workweek is a self-help book that promises to help readers escape the 9-to-5 grind and work only 4 hours a week. The book is divided into four parts: Definition, Elimination, Automation, and Liberation.
In the Definition phase, Ferriss encourages readers to define their ideal lifestyle and set goals accordingly. He argues that most people work too hard and earn too little because they are not clear about what they want.
In the Elimination phase, Ferriss helps readers identify the tasks that are taking up their time and energy and that are not essential to their goals. He teaches readers how to delegate, outsource, and automate these tasks so that they can free up their time for the things that are most important to them.
In the Automation phase, Ferriss shows readers how to create systems and processes that can run on autopilot. This allows them to work less and earn more.
In the Liberation phase, Ferriss helps readers design a lifestyle that is free from the constraints of the traditional 9-to-5 job. He encourages readers to travel the world, pursue their hobbies, and spend time with their loved ones.
- Lifestyle Design: The book introduces the concept of “lifestyle design,” which involves creating a life that prioritizes freedom, flexibility, and fulfillment. Ferriss encourages readers to question the traditional 9-5 work model and offers strategies for escaping the mundane and building a life rich in experiences.
- Time Management: Ferriss presents innovative strategies for maximizing productivity and minimizing time spent on non-essential tasks. He emphasizes the importance of focusing on high-value activities and delegating or eliminating low-value ones. The book provides practical tips and techniques for effective time management.
- Automation and Outsourcing: One of the central ideas in The 4-Hour Workweek is the concept of automating and outsourcing tasks to free up time and create passive income streams. Ferriss shares insights on how to leverage technology and virtual assistants to streamline business operations and achieve greater efficiency.
- Mini-Retirements: Ferriss challenges the traditional retirement model and suggests taking “mini-retirements” throughout life, where individuals can take extended breaks to pursue personal passions and explore new opportunities. He provides strategies for funding these lifestyle breaks and making the most of them.
- Remote Work and Mobility: The book advocates for remote work and location independence, highlighting the benefits of leveraging technology to work from anywhere in the world. Ferriss shares stories of individuals who have successfully built businesses that allow them to live and work on their own terms.
- Income Generation: The 4-Hour Workweek explores various income-generation strategies, such as starting online businesses, creating passive income streams, and investing. Ferriss shares his experiences and provides practical advice on how to generate income while maintaining a balanced lifestyle.
- Escaping the 9-5 Grind: The book challenges the traditional “rat race” mentality and encourages readers to think outside the box when it comes to career choices. Ferriss provides insights on how to escape the 9-5 grind and create a career that aligns with personal values and goals.
- Mindset and Lifestyle Shifts: Throughout the book, Ferriss emphasizes the importance of mindset shifts and adopting a new way of thinking. He shares personal anecdotes and success stories from individuals who have implemented the strategies outlined in the book, highlighting the transformative power of changing one’s mindset.
- Practical advice: Ferriss provides actionable strategies for readers to escape the 9-5 grind and create a location-independent lifestyle.
- Inspirational stories: Ferriss shares his personal experiences as a serial entrepreneur and investor, providing inspiration and motivation for readers to pursue their goals.
- Holistic approach: Ferriss acknowledges the importance of physical, mental, and emotional well-being in achieving a fulfilling lifestyle.
- Oversimplification: Some readers may find Ferriss’s approach to be overly simplistic, neglecting the complexities of real-world situations.
- Lack of specific examples: While Ferriss provides some case studies and examples, some readers may find them too vague or unrelatable.
- Upselling: Ferriss frequently promotes his own products and services, which some readers may view as self-promotional.
- Entrepreneurs and small business owners: Ferriss’s strategies for automation and outsourcing can help entrepreneurs and small business owners free up time and resources for more important pursuits.
- Remote workers and digital nomads: Ferriss’s emphasis on location independence and lifestyle design can inspire remote workers and digital nomads to create a more fulfilling work-life balance.
- Retirees or pre-retirees: Ferriss’s mini-retirement concept can inspire retirees or pre-retirees to explore new experiences and hobbies, leading to a more fulfilling retirement.
- anyone looking to escape the 9-5 grind: Ferriss’s strategies for creating wealth and freedom can inspire anyone looking to break free from the traditional work structure.
“The 4-Hour Workweek” by Tim Ferriss is a thought-provoking and practical guide to creating wealth and freedom through lifestyle design, automation, and outsourcing. While the book has some weaknesses, its strengths make it a valuable resource for entrepreneurs, remote workers, retirees, and anyone looking to escape the 9-5 grind. By implementing Ferriss’s strategies, readers can create a more fulfilling and productive work-life balance, leading to a happier and more successful life.
If you are interested in learning more about the book, I recommend reading the reviews on Amazon or Goodreads. You can also find a number of online resources that discuss the book’s content and methodology.