Mike Alaniz is an insurance broker and the owner of “On the Rocks,” a catering & bartending service in the Los Angeles area. Mike joins me in today’s audio post as we discuss a book that has received a lot of attention, “The Four Hour Workweek.”
I’ve summed up a few of the main points from our conversation below…
- The New Rich – Timothy Farris introduces the idea of the “new rich.” These are people who measure their wealth not in the dollars they have in the bank or the assets they own, but rather by the free time and mobility their lifestyle can afford them. They have created systems within their job or business that allow them to have excess free time and to be location independent.
- Leverage – The new rich leverage other people’s time and resources to free up their own time to engage in more productive revenue generating activities. Essentially, the “new rich” are masters of the Pareto principle, also known as the 80-20 rule. By outsourcing low-level tasks – email, customer support calls, etc. – and automating issues that would normally require their attention, they can generate more “wealth,” a.k.a. “time.”
- Concentration – The NR (new rich) batch communication so they can function at the highest level of concentration. They make people work around their time table, not vice versa, by only answering email during a pre-determined time of day, returning phone calls during a select block of hours, etc.
- Universal Principles – “The Four Hour Workweek” tends to skew toward selling/advertising products via online, but the principles in the book can be applied to any brick-and-mortar business or even to enhance your day-to-day work performance.
Shortly after this conversation, I broke down and decided to purchase both the hard copy and audio version of this book. After reading the entire text cover to cover, I would have to give it two-thumbs up. Again, not all the examples are going to be practical for everyone, but I think many of the over-arching principles can be extracted and applied to everyday life.
What are your thoughts on this book/post?