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The “New Rich” is a group of people who have realized that living like a millionaire, doesn’t require that one is a millionaire. They’ve also realized that you can live like a millionaire without working your ass off till age 65, building a Fortune 500 company, or consuming millions of annual reports. In this video, I will summarize the (in my opinion) most important takeaways from Tim Ferriss’ The 4-Hour Work Week.
Playlist of books on how to start your first business: bit.ly/391czmD
Top 5 takeaways from The 4-Hour Work Week:
0:00 Intro
01:02 1. The Step-By-Step Process of Joining the New Rich
03:23 2. Relative Income Trumps Absolute Income
05:52 3. How to Be More Productive
08:21 4. Become the Ghost in The Machine
10:21 5. Create Unrestricted Mobility (Even as an Employee)
TL;DW:
- Joining the new rich is a four-step process with the acronym DEAL.
- Relative income beats absolute income once you have enough cashflow to support your dreams
- Be more productive by prioritizing tasks and setting short deadlines. Remember Pareto’s and Parkinson’s law.
- Outsource tasks to multiply yourself and become the ghost in the machine
- Create unrestricted mobility for yourself, so that you can experience everything that the world has to offer.
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.