Learnsters 's Key Ideas from The 4-hour Workweek
by Timothy Ferriss

Imagine the worst-case scenario in detail. Then, work out how you could salvage your life if the worst came to pass.

Ask these questions to assess:

1. What is your absolute worst-case scenario?
2. What could you do to repair the damage if this came to pass?
3. What are the temporary and permanent outcomes and benefits of more probable scenarios?
4. If you were fired today, how could you take care of your finances?
5. What are you putting off due to fear?
6. What is the cost (emotionally, financially, and physically) of postponing action?
7. What are you waiting for?

As 99 per cent of the world believes they are incapable of achieving greatness, they aim for a mediocre life. The level of competition is fiercest amongst those battling to achieve “realistic” goals. Therefore, there is less competition for bigger goals.

We tend to chase happiness generally. Happiness has become ambiguous through overuse. For the new rich,

1. Happiness => Excitement
2. Sadness => Boredom.
3. 'What do you want?' => 'What excites you?'

Focus on activities to fill the vacuum of work once it’s removed, living like a millionaire requires doing interesting things, not just owning things

You shouldn’t be trying to fill every second with work. Now that you’ve thought about what you want to do with your time, you’ve got to find a way to create more free time while maintaining or increasing your income. The key is to remember that what you do is infinitely more important than how you do it. Often, being busy is a form of laziness as it prevents you from thinking.

Some principles to use:

1. Pareto's Principle: 80% of output will result from 20% of input. Work on that 20%.
2. Parkinson's law: The importance of a task depends on how much time is left for completion! Cut down your deadlines!

An interruption is anything that prevents the completion of a critical task. The three main reasons for interruption are:

1. Time wasters
2. Time consumers
3. Empowerment failures

To deal with these, try using the following methods:

1. Create systems that limit your availability, and deflect inappropriate interruptions. This could mean replacing a meeting with a concise email.
2. Batch activities to limit costs and to create more time.
3. Set autonomous rules with regular reviews of results. This prevents creating a decision bottleneck.

One of the most critical skills necessary for becoming a member of the New Rich is learning how to communicate. Within the system, develop automation that could do the work that might have required your presence. To automate:

1. Hire an assistant.
2. Start small but think big. e Examine what causes you the most frustration or boredom, and delegate these tasks
3. Make things sync by using scheduling and calendars

However, keep in mind that first try to eliminate things. No one should do work which is not vital, even your assistant! The order should be:

Eliminate => Automate => Delegate.