I have just finished reading for the 6th time one of THE most important books that I beg you to read and more importantly, act upon- “The Four Hour Week”-by Tim Ferris.
In other articles I have mentioned the profound effect that Napoleon Hill and his “Think and Grow Rich” had upon me. You can download a free copy of Dr Hills Book here: Napoleon-Hill-Think-and-Grow-Rich (separate page opens, right click on the link on THAT page)
Think & Grow Rich is a book that you should definitely read first, not least for Hills thoughts on positive action and the power of the mastermind group of mentors he was surrounded by BUT it is dated and was commissioned by insurance companies to give to their new sales people. Therefore “work your butts off for the company if you want to get on” was one of the fundamental messages.
New Age Thinking
The modern day mantra is “Live for now and enjoy the moment.”
Work smarter not harder. Do NOT live your life in the hope that you can enjoy your twilight days, enjoy it now.
Heck we still want to accumulate money but it is not the driving force nor the be all and end all.
I semi retired aged 40. I am not a multi millionaire in monetary terms but I spend a lot more time with my wife and kids and doing things that I want to do than most people. I live in the place that I dreamed of living when I was 30. I gave up a very profitable business to sing in a rock band!
However I didn’t just ¨drop out¨– as I explain in the goals section, I made a substantial plan and acted upon it. I have created, businesses from nothing and been successful. Had I stayed in the UK for the last 12 years then I would be very cash rich now, but you can not buy time nor experiences.
In retrospect I always enjoyed the adrenalin rush and excitement of the creation of a new business more than the ongoing success. The periods when I was 100% focused and the risk of losing a lot if not all if I was proved wrong. Am I a gambler? No. I take calculated risks after research. When life gets boring I either delegate or sell up and move on to something more interesting.
New Age Thinking
I explain in another article why I do not have nor was interested in the concept of a conventional retirement, pension plan. That by definition meant that I was paying not insignificant amounts now for a potential pay off at some time in the far and distant future. In the process earning a fortune for the insurance company or fund managers and leaving me with little or no control.
The idea of semi retiring now, whether you are 20 or 50, and enjoying lot of mini retirements whilst still creating income streams to fund it is the key to this new mentality. In the coming weeks and months I will show you lots of interesting, fun and exciting ways to fund this new lifestyle.
Here is a quote from a recently departed mega entrepreneur that neatly sums up the thinking of the creative and new rich where money is not the god:
“When I was 17, I read a quote that went something like: “If you live each day as if it was your last, someday you’ll most certainly be right.” It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: “If today were the last day of my life, would I want to do what I am about to do today?” And whenever the answer has been “No” for too many days in a row, I know I need to change something. “There is no reason not to follow your heart.” Steve Jobs – Apple founder February 24, 1955 – October 5, 2011
The book in question is The 4 Hour Working Week, by Tim Ferris. Intriguing title for sure and some of it is not practical for some of you BUT here is an insight into a new way of thinking. Each time I read it I take on board new ideas not least organisational and time saving methods and it prevents me from falling back into my old 70 hour a week lifestyle. If you get nothing else from the book then at least let it open yours to the fact that there is another way.
By working faithfully 8 hours a day you may one day become a boss and work 12 hours a day- Robert Frost
Tim Ferris had created his own business that grew to such a point it took over his life. Many self employed and business owners will relate to this. He was earning some serious money ($40.000 a month) but was working himself to death, so much so that he rarely got to enjoy the fruits of all his labours. When he had his epiphany he stopped. Outsourced the whole process from manufacture to delivery and wandered around Europe for 18 months checking in via email only once a week.
Ironically once he empowered his outsourcers (removed himself as a bottle neck as he says in his own words) his monthly profits almost doubled. Its an extreme tale but it is achievable and if you have or are looking to start a business its important to create an entity that will function without you. The goal is NOT to create a monster that will not function without your presence.
“The average man is a conformist, accepting miseries and disasters with the stoicism of a cow standing in the rain” – Colin Wilson
Self employment is the dream of many employees, however unless they create a system that can operate without their hands on involvement, many self employed people work harder for less and increased income is for most only achieved by working more hours.
Self employment often means that “work” takes over your whole life and can be physically & mentally draining.
Robert Kiyosaki, in his book “Rich Dad, Poor Dad” – another MUST read book – stresses the importance of creating a system so that people can move from the left, E & S Quadrant to the right B & I Quadrant. 95% of the worlds wealth is held by the right quadrant, B I’s – business owners & investors.
When I talk of a system what do I mean? McDonalds for example is operated at ground floor level by young people. They can be taught the method in a matter of hours and can be replaced very easily. The products are identical as the business has a system from farm to the table which is documented throughout.
If you are employed and do not wish to change then Tim Ferris also offers fantastic strategies, including scripts and tactics for those of you who want more freedom to travel and yet still retain your job by persuading your employer to allow you to work from home.
At face value this remote working arrangement may seem a ridiculous idea, however it can have great benefits for both employer and employee and in the following article I introduce you to a friend of mine who has done just that. He now lives with his girlfriend and young family on a remote island in Sweden and yet still works for his London based employers and the salary that goes with it.
This new age thinking is not just about money. Most people do not have the luxury of having $40.000 a month income from an automated business and many enjoy their job, but would like to have more personal time and to travel or do other things. If you are ready to open your mind even to the possibility of having your cake and eating it too, then this is a MUST read book. Let me know your thoughts and comments below.
“The reasonable man adapts himself to the world. The unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on unreasonable men.” -George Bernard Shaw
If you are an employee who negotiates a remote working arrangement that allows him to satisfy his employer whilst travelling extensively. A business owner who learns to eliminate the least profitable parts of his business and control or get rid of the customers who create the most stress before outsourcing the rest, or a student who has not yet jumped on the treadmill or a retiree who wants to leave it completely, there is something here for everyone.
This is not about playing the game in the way that we were indoctrinated. This is about turning the rules on their head and BEATING the game.
Think of retirement simply as worst case insurance, a pensions as a hedge against the worst case scenario. As I wrote in recent articles the system is madness personified. Work hard all your life making sacrifices so that one day you can stop. Face facts 99% of people will not have a big enough fund to retire and enjoy life fully. The few that do will have worked so hard they will probably have no energy left! I don’t want to retire completely and vegetate. I enjoy what I do.
What I do want is to be able to choose when and where I will work and if I fancy taking a money off to trek round Tibet I can do so. However this new thinking is a massive sea change for many people and goes against everything they were brought up to believe. Fear is the biggest hindrance to the majority, but you could be dead tomorrow, why not go for it and chase your dream?
As Tim Ferris says ¨Most people will choose unhappiness over uncertainty.”
Mark Twain famously said:”I am an old man and have known a great many troubles, but most of them never happened.”
Benjamin Disraeli : “Action may not always bring happiness BUT there is no happiness without action.”
Becoming a member of this new rich is not just about working smarter its about building a system to replace yourself- Tim Ferris
In the next article I show how a friend of mine and his girlfriend followed the plan and now live on a remote island which is perfect for their young children and yet still earn a substantial, “big city income”, you can find their awesome story here: Living The Dream
So there you have it. Lots of great advice from smart people, but will you take the advice, get off your butt and live your dream? Take ACTION AND DO IT NOW
Author: Marc Walton
New Age Thinking