Leverage Your Time by Automating Your Income
Timothy Ferriss, author of the 4 Hour Work Week, is a self described “serial entrepreneur and ultravagabond” who lives a lifestyle that most of us could only dream about — until now. This challenging book has been number one on three different best seller lists: Wall Stree Journal, NY Times and BusinessWeek.
Ferriss presents a step-by-step guide to his free-wheeling lifestyle, allowing us to follow in his footsteps and realize lifelong dreams. Some people consider Ferriss to be an “Indiana Jones for the digital age”.
His basic premise is that we need to replace many, if not most, of our current assumptions and apply what he calls the Rules of the New Rich.
Internet Marketers owners need to replace limiting assumptions and learn to enjoy life now. In particular, we need to replace assumptions that waste our time and force us to live in a particular location; we’d like to be able to manage our businesses from anywhere, anytime.
According to Ferriss, “The New Rich (NR) are those who abandon the deferred-life plan and create luxury lifestyles in the present using the currency of the New Rich: time and mobility. Lifestyle Design (LD) incorporates elements of both art and science.”
His model provides us with a roadmap for realizing your dreams. He shows us how to:
* Live like a millionaire
* Free time and automate income
* Outsource your life to overseas virtual assistants for $5/hour
* Travel the world without quitting your job
* Eliminate 50% of your work in 48 hours
* Trade a long-haul career for short work bursts and mini-retirements
He uses the DEAL acronym to describe his model, where:
* D = Definition
* E = Elimination
* A = Automation
* L = Liberation
According to Ferris, the Rules of the New Rich include the following:
* Retirement is Worst-Case Scenario Insurance
* Interest and Energy are Cyclical
* Less is Not Laziness
* The Timing Is Never Right
* Ask for Forgiveness, Not Permission
* Emphasize Strengths, Don’t Fix Weaknesses
* Things in Excess Become the Opposite
* Money Alone is Not the Solution
* Relative Income is More Important than Absolute Income
* Distress is Bad, Eustress is Good
He encourages us to use “Dreamlining” to design our own luxurious lifestyles. The principles of elimination, simplification and outsourcing provide the keys to creating your own life among the New Rich (NR).
Another key component of the lifestyle design process is automation; i.e.building systems and processes that remove ourselves as bottlenecks. But never automate something that could be eliminated, and never delegate something that could be automated or simplified.
Use these guidelines to recognize opportunities and sieze them – Carpe Diem. Having options.e.Power in life comes from personal choice.
Our courage and self-confidence, we can realize our dreams quicker and easier than we ever expected.
If you’ve ever wanted to work less and enjoy it more, read this book. I plan to implement many of his ideas into my own life and am presently automating my income using the IIP MaxPro.
I highly recommend Ferriss’ 4-Hour Work Week book – and his website, as well.
I’ll be recommending this book to everyone I know. Ferriss has provided a wealth of valuable resources both in the book itself and on his website/blog.
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