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Dream Book: Finances

10 Nov

Have you read Tim Ferriss’ 4-hour work week? Just like Robert Kiyosaki’s Rich Dad Poor Dad book, this book changed my life. Having been an advocate of efficiency, doing less work and maximizing earnings potential as well as enjoying life NOW, this book spoke to me.

In his book, Tim Ferriss discusses practical ideas on how he achieved a 4-hour work week while still maintaining an income that enables him to support his lifestyle and do whatever he loves – take mini-retirement travels every year, become a black belt in Jujitsu, become a top world class Ballroom dancer and more.

In a nutshell, the book teaches you the following (taken from the site – http://www.fourhourworkweek.com) –
* How to outsource your life and do whatever you want for a year, only to return to a bank account 50% larger than before you left
* How blue-chip escape artists travel the world without quitting their jobs
* How to eliminate 50% of your work in 48 hours using the principles of little-known European economists
* How to train your boss to value performance over presence, or kill your job (or company) if it’s beyond repair
* How to trade a long-haul career for short work bursts and frequent “mini-retirements”
* What automated cash-flow “muses” are and how to create one in 2-4 weeks
* How to cultivate selective ignorance—and create time—with a low-information diet
* Management secrets of Remote Control CEOs
* The crucial difference between absolute and relative income
* How to get free housing worldwide and airfare at 50-80% off
* How to fill the void and creating meaning after removing work and the office

One of the things included in my ‘bucket list’ (in my dream book) is being able to create PASSIVE INCOME. Passive income is income generated from not having to actively seek for money. It is a continuous stream of earnings that you earn from minimal work. Interest from deposits and rental income are just some concrete example of passive income. Income generated from businesses as a result of investments is also another example.

In order to create PASSIVE INCOME, I would need to create automated cash flow “muses” and that is one of the goals I have NOW. Based on the PASSIVE INCOME I would like to achieve, I will need to create 1 major “muse” or several ones that will enable me to reach the amount that I am dreaming of. Of course, as you would have noticed in my previous post (Dream Book: Travels), I intend to do this by traveling the world (without quitting my job) and doing what I love and return to a bank account 50% larger than when I left it.

SOURCE:
Tim Ferriss’ 4-hour work week

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Posted by on November 10, 2011 in Business, Dream Book, Finances

 

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