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Wednesday, May 13, 2009

From 40K a year to 40K a month

The 4 Hour Workweek – From 40K a Year to 40K a Month

My friend had recommended that I read The Four Hour Workweek by Timothy Ferris. At first, the name of the book sounds like a classic scam, but based on the bestseller reviews and legit comments I decided to pick it up and read it on a long flight home.

Most books about personal finance and wealth usually are extremely vague and do not clarify the steps needed in order to get on the right track. From my experience, those books typically set the mindset for entrepreneurs and the rest usually follows.

The difference about The Four Hour Workweek is that the author breaks down exactly what steps a person should be taking in order to achieve solid results and Tim offers examples from himself and from other people he personally knows who have accomplished the same.

The book itself is about a young guy Tim, who quit his job and started an online health supplement company around 2002/03. After a year or so he had revenues of 80K a month, but as with any growing business, he soon found that all of his time was devoted to the business. He didn’t really have the freedom to do what he wanted and was bogged down by inefficiencies.

After the breaking point, he decided to take a much needed vacation to think about what he was doing and how he was going about doing it. After some preliminary research, he decided to outsource a majority of his tasks to overseas virtual assistants in India. He also broke down exactly what he needed to do in the most efficient manner and reduced his hours to a simple 4 hours a week.

Tim also provides tips on how to work where and when you want even if you are still an employee working for a large company. The book also offers some great resources such as websites and other tips that people can utilize when starting their own operations.

The ultimate goal of the book is to teach the reader how to setup a business and have it run on auto-pilot resulting in the owner doing whatever he/she wants to do such as traveling the world, spending time with family, creating other businesses or just turning into a certified rich beach bum. It portrays a view that a 9-5 is no longer the primary choice of work and that the times and technology are changing.

I definitely would recommend this book to anyone looking to start an online company for passive income or to find ways to work from home more often based on the tactics suggested. Overall it is a must for any entrepreneur young and old.

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