I stumbled upon this short video whilst I was doing some research of concepts in the book “4 Hour Work Week”…
You need to watch this 🔥
So what are my thoughts on the concepts I’ve taken away from this video, as well as the book?🤔
The 80/20 rule (pareto principle) states that for 80% of the effects come from 20% of the causes. How does this relate to you? Why is it important? I’d suggest doing some reflection and trying to identify the main sources of what’s going well, and what’s not going so well! Here’s an example of how i’m implementing this principle…
I’m spending too much time on products that are borderline purchases in my Online Arbitrage business. This is not only time sourcing, but also prep, pricing and everything that goes with selling a product on Amazon. I’m going to focus on high performing, more expensive products instead.
The concept of relative vs absolute income is very interesting. One of the key themes of the 4 hour work week is increasing your relative income. This is not only done by increasing your hourly income, but also by increasing your purchasing power. There is a recurring theme in the book of earning income in a strong currency, and spending money in a weak currency.
Have you realised the importance/value of your time, and how outsourcing can help? The lawn mowing example in the video highlights how outsourcing is not only done in business, but in your personal life too.This is basically the economic concept of specialisation in action. If you tried to do everything yourself (build house, grow and cook food etc) you start to see how ridiculous it sounds. So when you find yourself doing something in your life that you don’t enjoy, consider how you can eliminate, or outsource, the task.
Is outsourcing right for you? Just because something can be outsourced, doesn’t mean it needs to be. Take the animation of the video. Could it be outsourced? Yes. However, the Youtuber enjoys it and so he does it himself. Outsourcing allows you to spend your time on tasks that require your unique skill set.
Before you go and free up 20 hours a week, what will you fill that time with? Dreamlining is a concept referred to in the book that could help you decide. When you have lots of free time, you need something to fill the void. Highlight your goals and methods to achieve them. Without clear goals and a plan of action, you’ll find yourself doing ineffective work to give yourself a sense of feeling productive. Don’t be busy doing stuff you don’t enjoy just for the sake of it…
The most important message? Take action. It’s so easy to consume a ton of content and feel good about yourself…
Here’s my challenge to you. You probably had at least one idea whilst you were reading this and watching the video. There’s no perfect time to start something. Go and do something about it now👊
What’s the biggest message you took away from the book/video?🤔