Long-term planning is harder than it seems because people’s goals and desires change over time.We’re such poor forecasters of our future selves that there’s a term for this phenomenon: The End of History Illusion. We’re aware of how much we’ve changed in the past, but we grossly underestimate how much our personalities, desires, and goal will change in the future.You can’t prepare for what you can’t envision.

The Uncertain Future

Our minds are not built to handle the reality that compounding leads to logic-defying results.Warren Buffett’s fortune isn’t due to just being a good investor. Rather it’s due to being a good investor since he was a child. Simplifying we can say he then just waited. The counterintuitive nature of compounding leads even the smartest of us to overlook its enormous power.Linear thinking is so much more intuitive than exponential thinking. You never get accustomed to how quickly things can grow with compounding.

The Compounding Of Money

History is an unassailable guide to the future. A trap many investors fall the “historians as prophets” fallacy: an over-reliance on past data as a signal to future conditions in a field where innovation and change are the lifeblood of progress. Past performance is not indicative of future results—the world changes.<ul><li>Good ideas taken too far are indistinguishable from bad ideas.</li><li>People underestimate the need for room for error in almost everything they do that involves money.</li></ul>

Mistakes & Errors

Everything has a price, but not all prices appear on labels.The price of investing success is not immediately obvious. It’s not a price tag you can see, so when the bill comes due, it doesn’t feel like a fee for getting something good. It feels like a fee for doing something wrong.Most things are harder in practice than they are in theory. This is often because we are not good at identifying what the price of success is, which prevents us from being able to pay it. The price of successful investing is volatility, fear, doubt, uncertainty, and regret.

Nothing Is Free

You can be wrong half the time and still make a fortune.Anything that is huge, profitable, famous, or influential is the result of a tail event, an outlying one-in-thousands or millions event.<ul><li>Most of our attention goes to things that are huge, profitable, famous, or influential.</li><li>When you accept that tails drive everything in business, investing, and finance, you realize that it’s normal for lots of things to go wrong, break, fail, and fall.</li></ul>

Tails, You Win

Everyone looks at money through the lens of their past experiences.You can read what it was like to lose everything during, say, The Great Recession, but you will never bear the emotional scars of those who survived it and are now afraid to invest again. It’s important to remember, then, that until you’ve lived through a financial crisis and felt its consequences, you will never understand why people behave the way they do.

No One’s Crazy

Spending money to show people how much money you have is the fastest way to have less money.We tend to judge wealth by what we see because that’s the information we have in front of us. But the truth is that wealth is what you don’t see. Rich is a current income. Nice cars purchased. Diamonds bought. But wealth is hidden. It is an option not yet taken to buy something later. Not knowing the difference is a source of countless poor money decisions. Someone driving a $100,000 car might be wealthy. Or he may just be poorer by $100,000.

True Wealth Is What You Don’t See

Building wealth has little to do with your income or investment returns and more to do with your savings rate. The value of wealth is relative to what you need. A high savings rate means having lower expenses than you otherwise could, and having lower expenses means your savings go further than they would if you spent more.<ul><li>If you view building wealth as something that will require more money or big investment returns, you may become too pessimistic.</li><li>You can build wealth without a high income but have no chance of building wealth without a high savings rate.</li></ul>

Save Money

Rich people do crazy things. Bernie Madoff had everything only to lose everything because he had no sense of enough. The lesson? There is no need to risk what you have and need for what you don’t have and don’t need.<ul><li>The hardest financial skill is getting the goalpost to stop moving.</li><li>If expectations rise with results there is no logic in striving for more because you’ll feel the same after putting in the extra effort.</li><li>Happiness equals results minus expectations.</li><li>Social comparison is the problem.</li><li>Accept that you might have enough, even if it is less than those around you.</li></ul>

Nothing is Ever Enough

No one is impressed with your possessions as much as you are.People tend to want wealth to signal to others that they want to be liked and admired. But in reality, those other people often bypass admiring you, not because they don’t think wealth is admirable, but because they use your wealth as a benchmark for their own desire to be liked and admired.<ul><li>You might think you want an expensive car, a fancy watch, and a huge house. What you really want is respect and admiration from other people.</li><li>Having expensive stuff will never bring people to respect and admire you.</li></ul>

Man in the Car Paradox

Success is a lousy teacher, it seduces smart people into thinking they can’t lose.

Optimism sounds like a sales pitch. Pessimism sounds like someone trying to help you.In finance, pessimism is paid more attention than optimism and is, therefore, more persuasive. “It’s easier to create a narrative around pessimism because the story pieces tend to be fresher and more recent"<ul><li>Optimism is the belief that the odds of a good outcome are in your favour over time, even when there will be setbacks along the way.</li><li>An iron law in economics: extremely good and extremely bad circumstances rarely stay that way for long because supply and demand adapt in hard to predict ways.</li></ul>

The Seduction of Pessimism

Stories trump statistics. The more you want something to be true, the more likely you are going to believe a story that overestimates the odds of it being true.<ul><li>The more you want something to be true, the more likely you are to believe a story that overestimates the odds of it being true.</li><li>Everyone has an incomplete view of the world, but we form a complete narrative to fill in the gaps.</li><li>Coming to terms with how much you don’t know means coming to terms with how much of what happens in the world is out of your control.</li><li>The illusion of control is more persuasive than the reality of uncertainty.</li></ul>

Believing In Narratives

Controlling your time is the highest dividend money pays. The highest form of wealth is the ability to wake up every morning and say, “I can do whatever I want, when I want, with who I want, for as long as I want.” This is the highest dividend money pays:<ul><li>The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays.</li><li>Using your money to buy time and options has a lifestyle benefit few luxury goods can compete with.</li></ul>

True Wealth Is Freedom

Doing well with money is not necessarily about what you know, but about how you behave. Is what Morgan Housel explores in his popular book, where he shares 19 stories that explore the behavioral aspects of personal finance.To Note:<ul><li>Financial success is not hard science, it’s a soft skill where how you behave is more important than what you know.</li><li>To grasp why people bury themselves in debt, you need to study the history of greed, insecurity & optimism.</li><li>Not all success is due to hard work, and not all poverty is due to laziness. Keep this in mind when judging people, including yourself</li></ul>

Money = Behaviour

Aiming to be mostly reasonable works better than trying to be coldly rational.“Do not aim to be coldly rational when making financial decisions. Aim to just be pretty reasonable. Reasonable is more realistic, and you have a better chance of sticking with it for the long run, which is what matters most when managing money.” You’re not a spreadsheet, remember. You’re a person.

Reasonable > Rational

Nothing is as good or as bad as it seems. Every outcome in life is guided by forces other than individual effort. Bill Gates had a competitive advantage over millions of other students because he attended one of the only high schools in the world that had the cash and foresight to buy a computer. In finance, luck is as much a force as risk.<ul><li>Be careful who you praise and admire, and be careful who you look down upon.</li><li>Focus less on studying specific individuals and more on studying broad patterns.</li></ul>

Luck & Risk

Avoid taking financial cues from people playing a different game than you are.Few things matter more with money than understanding your own time horizon and not being persuaded by the actions & behaviors of people playing different games than you are. Go out of your way to identify what game you’re playing and ignore the rest.<ul><li>Bubbles happen when long-term investors playing one game start taking their cues from short-term traders playing another game.</li><li>It is hard to grasp that other investors have different goals than u do.</li><li>Rational people can see the world through a different lens than their own.</li></ul>

You & Me

The most important part of every plan is planning on your plan, not going according to plan.Have room for error when estimating your future returns. For his own investments, Housel assumes the future returns he’ll earn in his lifetime will be ⅓ lower than the historic average. So, he saves more than he would if I assumed the future will resemble the past. It’s his margin of safety.<ul><li>Avoid single points of failure. If many things rely on one thing working, and that thing breaks, you have a catastrophe.</li><li>The biggest single point of failure is a reliance on a paycheck to fund short-term spending.</li></ul>

Leave Room for Error

Good investing is not about making good decisions. It’s about consistently not screwing up. There are a million ways to get wealthy. The only way to stay wealthy is some combination of frugality and paranoia.<ul><li>Money success in a single word: survival. The ability to stick around for a long time without wiping out, or being forced to give up, is what makes the biggest difference.</li><li>Getting money requires taking risks, being optimistic, and putting yourself out there.</li><li>Keeping money requires the opposite of taking risks, it requires humility.</li></ul>

Getting Wealthy vs. Staying Wealthy

Psychology of Money: how to have a better relationship with money and to make smarter financial decisions

books

Books

moneyandinvestments

Money & Investments

Understand yourself and those around you.

psychology

Psychology

The Psychology of Money

The Psychology of Money is a collection of short stories exploring the strange ways people think about money and teaches you how to make better sense of it.

Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people. Money—investing, personal finance, and business decisions—is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics.

Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people. Money—investing, personal finance, and business decisions—is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics.

Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.

Morgan Housel

Test your ideas and those of others through experience and original thought. Never stop learning, exploring, or experimenting, even if it results in failureFirst-hand experience (including disasters, failures and mistakes) is the best way to test and improve on existing practices, and to develop new wisdom, know-how and independent thinking.

Dimostrazione – Test Knowledge Via Practical Experience

We all have an innate sense of curiosity that we can cultivate. It starts with asking questions. The most brilliant minds spend their entire lives asking questions about confounding issues. Leonardo’s mission in life was a pursuit of truth and beauty, which led to his own inquisitiveness.<ul><li>Try looking at things from various angles, and don’t take "yes" for an answer.</li><li>At the same time, take time off occasionally to relax and refresh your perspective.</li></ul>

Curiositá – Insatiable Curiosity and Thirst for Learning

Da Vinci was strong, handsome, and graceful in addition to his artistic and scientific genius. He placed emphasis on eating well (he was a vegetarian) and being physically active.<ul><li>Develop a fitness program.</li><li>Work on standing more often and maintaining good upright posture.</li><li>Cultivate ambidexterity to further balance your body and even leverage the two sides of the brain more effectively. Try writing and drawing with both hands simultaneously. Learn to juggle.</li></ul>

Corporalita – Develop Poise: the Balance of Body & Mind

﻿﻿"Common sense is that which judges the things given to it by other senses."

﻿﻿"Just as food eaten without appetite is a tedious nourishment, so does study without zeal damage the memory by not assimilating what it absorbs."

"Although nature commences with reason and ends in experience, it is necessary for us to do the opposite, that is to commence with experience and from this to proceed to investigate the reason."

One of Da Vinci’s most unique qualities was to see the art in science and science in the arts. You can learn to connect the right and left brains through a powerful exercise called mind mapping. Leonardo suggested going “straight into nature” to find understanding and clarity. Everything in nature is made up of networks of sinuous, branched, and nonlinear paths.Mind mapping is a way to link ideas and information naturally without immediate need for sequential organization.

Arte/Scienza – Develop a balance between Logical and Creative Thinking

Our senses are the only means by which we can experience the world around us. According to Leonardo, the average man “looks without seeing, listens without hearing, touches without feeling, eats without tasting, moves without physical awareness, inhales without awareness of odor or fragrance, and talks without thinking.” In order to truly appreciate life and take in the beauty around us, we need to develop and refine our senses, especially that of sight.

Sensazione – Constantly Sharpen the Senses

﻿"As a well-spent day brings happy sleep, so a life well spent brings happy death."

Sfumato translates to “going up in smoke.” Leonardo applied this principle in his paintings by creating hazy, ambiguous scenes with gossamer-thin layers of paint.Learn to confront the unknown (and unknowable) and embrace mystery, paradox, and uncertainty to let them fuel your creative genius. In an ever-changing world, having poise in the face of paradox is key to being effective and also retaining your sanity

Sfumato – Be Comfortable With Ambiguity

Leonardo had a deep appreciation for the connectedness of things—drawing correlations between hair and flowing water, the human body and the earth, and the oneness of nature. He found order in chaos, and had a profound appreciation for the mysteries of life and nature.The interconnectedness of things is most evident during extreme times, e.g. financial crises, epidemics, weddings, etc.

Connessione – Maintain a Big Picture Perspective

Inside the mind of the original Renaissance man, who continues to fascinate us even today

motivationandinspiration

Motivation & Inspiration

history

History

artsandculture

Society, Arts & Culture

communication

Communication

personaldevelopment

Personal Development

The Mind of Leonardo da Vinci

This inspiring and inventive guide teaches readers how to develop their full potential by following the example of the greatest genius of all time, Leonardo da Vinci. Acclaimed author Michael J. Gelb, who has helped thousands of people expand their minds to accomplish more than they ever thought possible, shows you how. Drawing on Da Vinci's notebooks, inventions, and legendary works of art, Gelb introduces Seven Da Vincian Principles—the essential elements of genius—from curiosità, the insatiably curious approach to life to connessione, the appreciation for the interconnectedness of all things. With Da Vinci as your inspiration, you will discover an exhilarating new way of thinking. And step-by-step, through exercises and provocative lessons, you will harness the power—and awesome wonder—of your own genius, mastering such life-changing abilities as: •Problem solving •Creative thinking •Self-expression •Enjoying the world around you •Goal setting and life balance •Harmonizing body and mind Drawing on Da Vinci's notebooks, inventions, and legendary works of art, acclaimed author Michael J. Gelb, introduces seven Da Vincian principles, the essential elements of genius, from curiosita, the insatiably curious approach to life, to connessione, the appreciation for the interconnectedness of all things. With Da Vinci as their inspiration, readers will discover an exhilarating new way of thinking. Step-by-step, through exercises and provocative lessons, anyone can harness the power and awesome wonder of their own genius, mastering such life-changing skills as problem solving, creative thinking, self-expression, goal setting and life balance, and harmonizing body and mind.

philosophy

Philosophy

This inspiring and inventive guide teaches readers how to develop their full potential by following the example of the greatest genius of all time, Leonardo da Vinci. Acclaimed author Michael J. Gelb, who has helped thousands of people expand their minds to accomplish more than they ever thought possible, shows you how. Drawing on Da Vinci's notebooks, inventions, and legendary works of art, Gelb introduces Seven Da Vincian Principles—the essential elements of genius—from curiosità, the insatiably curious approach to life to connessione, the appreciation for the interconnectedness of all things. With Da Vinci as your inspiration, you will discover an exhilarating new way of thinking. And step-by-step, through exercises and provocative lessons, you will harness the power—and awesome wonder—of your own genius, mastering such life-changing abilities as: •Problem solving •Creative thinking •Self-expression •Enjoying the world around you  •Goal setting and life balance  •Harmonizing body and mind Drawing on Da Vinci's notebooks, inventions, and legendary works of art, acclaimed author Michael J. Gelb, introduces seven Da Vincian principles, the essential elements of genius, from curiosita, the insatiably curious approach to life, to connessione, the appreciation for the interconnectedness of all things. With Da Vinci as their inspiration, readers will discover an exhilarating new way of thinking.  Step-by-step, through exercises and provocative lessons, anyone can harness the power and awesome wonder of their own genius, mastering such life-changing skills as problem solving, creative thinking, self-expression, goal setting and life balance, and harmonizing body and mind.

Michael J. Gelb

How to Think Like Leonardo da Vinci

The next steps to carve out a really good idea are:<ul><li>Step Two: Identify the risks in the idea by brainstorming.</li><li>Step Three: Create and list down the questions that pop up regarding the idea.</li><li>Step Four: Find Interviewees.</li></ul>

The Next Steps

In Step Five of The Really Good Idea Test: measures & targets, you need to ask yourself the following before conducting any interviews:Does the problem, need or desire exist?Are the existing solutions good enough to solve the interviewee's problem / meet their needs or desires?Are the interviewees prepared to take the necessary actions to get another solution?

The Crucial Step: Measures And Targets

The Really Good Idea Test consists of 7 practical steps:
<ul>
<li>Write hypothesis</li>
<li>Identify risks</li>
<li>Create questions</li>
<li>Find interviewees</li>
<li>Measures & targets</li>
<li>Conduct interviews</li>
<li>Analyse and decide</li>
</ul>
The ultimate goal of The Really Good Idea Test is to enable individuals and businesses to make evidence-based decisions.

The Really Good Idea Test

Step Six is to conduct the interviews to test your hypothesis, after which you can analyse the insights from your test, share the results and make a decision about whether to pursue your idea or not.The final step is of course your action to pursue the idea or reject the same.This test is beneficial for anyone who wants to pursue a new idea.

The Final Steps

The four main components of writing your idea hypothesis:<ul><li>Goal – What are you trying to achieve overall? </li><li>The idea – A short idea of what it is you want to create (if you know).</li><li>The people who will benefit – Reference who has the problem, need or desire that you want to solve or meet.</li><li>The action – What you need these people to do so you can realise your goal.</li></ul>

Writing A Hypothesis

problemsolving

Problem Solving

business

Business

product

Product & Design

Axiom Business Book Award Winner 2021 Got an idea? <ul> Want an easy way to test, refine and validate your idea? </li> Wondering whether it's worth investing your time, energy and money? </li> Trying to work out your next step? </li> </ul> Put it to The Really Good Idea Test! Whoever you are and whatever your idea is, this book gives you 7 practical steps to find out if it is worth pursuing. Spring into action as you read, using proven techniques, hands-on templates and lots of real examples. By the end of the test you will be able to move forward with confidence, making decisions based on evidence of what people want and need, rather than incorrect assumptions.

Julia Shalet

What you do is far more important than how you do it. Efficiency is important, but it’s redundant unless it’s being applied to the right things.To be productive:<ul><li>Identify the few critical tasks that contribute most to income (Pareto’s Law: 80% of the outputs result from 20% of the inputs)</li><li>Shorten work time to limit tasks to the important (Parkinson’s Law).</li></ul>

Forget about Time Management

Moving out of the country or changing jobs are hard. Tim Ferriss recommends asking these questions to manage your fear:<ul><li>What is your absolute worst-case scenario?</li><li>What could you do to repair the damage if this came to pass?</li><li>What are the temporary and permanent outcomes and benefits of more probable scenarios?</li><li>If you were fired today, how could you take care of your finances?</li><li>What are you putting off due to fear?</li><li>What is the cost (emotionally, financially, and physically) of postponing action?</li><li>What are you waiting for?</li></ul>

Questions to Overcome Fear

To live a free life Tim Ferriss proposes working remotely. He advocated it before it was cool. His advice: <ul><li>Practice environment-free productivity. Attempt to work for two hours in a cafe before proposing a remote trial.</li><li>Quantify current productivity. Document your work efforts.</li><li>Demonstrate remote work productivity. Rack up some proof that you can kick ass without constant supervision.</li><li>Practice the art of getting past “no”. “What would I need to do to .... (desired goal)?”</li><li>Put your employer on remote training wheels. Propose Monday or Friday at home.</li></ul>

Replace Office Work with Remote Work

Most information is time-consuming and unnecessary. You should be critical with what you look at, read, or watch daily.The low-information diet:<ul><li>Go on a one-week media fast immediately: no newspapers, magazines, news websites, television, and unnecessary web surfing.</li><li>Only consume information for something immediate and important.</li><li>Practice the art of nonfinishing. If you’re reading a poorly written book/article, don’t continue to read it.</li></ul>

The Low-Information Diet

<ol><li>Quitting is not permanent: It’s always possible to pick up your chosen career path with a different company at a later date.</li><li>You will be able to pay the bills: You can get a new stream of income before you quit your job or eliminate most of your expenses temporarily and live off your savings for a short while.</li><li>Health insurance and retirement funds won't cease if you quit: Do some research and transfer your 401(k) or similar to another company.</li><li>Quitting won't ruin your resume: If you quit to do something interesting, this will often make you more attractive to employers in the long run.</li></ol>

Debunking the fear of quitting

Tim Ferriss outlines a process for escaping the 9-to-5 & living a fulfilling life:<ul><li>Define your ideal lifestyle. What do you want your life to look like? Probably it's not about being rich but sick at an old age.</li><li>Eliminate the unnecessary. Identify & eliminate all of the things that are taking up your time and energy but that are not essential.</li><li>Automate everything you can. So you can free up your time for more important things. For example: email, your finances, and even your social media.</li><li>Live and work anywhere. It's possible to work from anywhere in the world. SE Asia is beautiful & cheap.</li></ul>

The 4 Hour Work Week Formula

Tim Ferriss proposes that by outsourcing tasks that you don't enjoy or that are not essential to your goals, you can focus on the things that are most important to you. How to do it:<ul><li>Get a remote personal assistant to learn how to give orders.</li><li>Never automate something that can be eliminated, and never delegate something that can be automated or streamlined.</li><li>Refine rules and processes before adding people.</li><li>Only delegate time-consuming and well-defined tasks.</li></ul>

Outsourcing Life

An interruption is anything that prevents the start-to-finish completion of a critical task.The 3 main offenders:<ol><li>Time wasters. Things that can be ignored with little or no consequence</li><li>Time consumers. Repetitive tasks or requests that need to be completed but often interrupt high-level work</li><li>Empowerment failures. When someone needs approval to make something small happen.</li></ol>How to fix:<ol><li>Create systems that limit your availability. For example, replacing a meeting with a brief email.</li><li>Batch activities. Answer all emails in bulk.</li><li>Set autonomous rules to prevent creating a decision bottleneck.</li></ol>

Interruptions: What are they and How to Fix them?

"The New Rich are defined by a more elusive power than simple cash—unrestricted mobility."

Stress and Misery comes from a feeling of helplessness. By focusing on the “W’s you control”, you can create a life that is more fulfilling and less stressful.<ol><li>(W)hat you do</li><li>(W)hen you do it</li><li>(W)here you do it</li><li>(W)ith whom you do it</li></ol>

The W’s you control

<ol><li>Retirement is the worst-case-scenario insurance.</li><li>Alternating between periods of rest and activity is essential.</li><li>Focus on being productive instead of busy.</li><li>The timing is never right. Waiting for ‘someday’ means that you will take your dreams to the grave.</li><li> Ask for forgiveness, not permission.</li><li>Emphasize strengths. Don’t fix weaknesses.</li><li>When things are done to excess, they often take on the characteristics of their opposites.</li><li>Money alone is not the solution. We use not having enough money as a scapegoat for not working out what we want out of life.</li><li>Relative income is more important than absolute income.</li></ol>

Surprising Rules for Success

Don't let workplace stress get you! Tips for a healthier work-life without burnout.

health

Health

Managing Work Stress

A now classic book that jumpstarted Tim Ferriss's career.

What do you do? Tim Ferriss has trouble answering the question. Depending on when you ask this controversial Princeton University guest lecturer, he might answer: “I race motorcycles in Europe.” “I ski in the Andes.” “I scuba dive in Panama.” “I dance tango in Buenos Aires.” He has spent more than five years learning the secrets of the New Rich, a fast-growing subculture who has abandoned the “deferred-life plan” and instead mastered the new currencies—time and mobility—to create luxury lifestyles in the here and now. Whether you are an overworked employee or an entrepreneur trapped in your own business, this book is the compass for a new and revolutionary world. Join Tim Ferriss as he teaches you: • How to outsource your life to overseas virtual assistants for $5 per hour and do whatever you want • 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 a forgotten Italian economist • How to trade a long-haul career for short work bursts and freuent "mini-retirements" • What the crucial difference is between absolute and relative income • How to train your boss to value performance over presence, or kill your job (or company) if it’s beyond repair • What automated cash-flow “muses” are and how to create one in 2 to 4 weeks • How to cultivate selective ignorance—and create time—with a low-information diet • What the management secrets of Remote Control CEOs are • How to get free housing worldwide and airfare at 50–80% off • How to fill the void and create a meaningful life after removing work and the office You can have it all—really. From the Hardcover edition.

productivity

Productivity

timemanagement

Time Management

What do you do? Tim Ferriss has trouble answering the question. Depending on when you ask this controversial Princeton University guest lecturer, he might answer: “I race motorcycles in Europe.” “I ski in the Andes.” “I scuba dive in Panama.” “I dance tango in Buenos Aires.” He has spent more than five years learning the secrets of the New Rich, a fast-growing subculture who has abandoned the “deferred-life plan” and instead mastered the new currencies—time and mobility—to create luxury lifestyles in the here and now. Whether you are an overworked employee or an entrepreneur trapped in your own business, this book is the compass for a new and revolutionary world. Join Tim Ferriss as he teaches you: • How to outsource your life to overseas virtual assistants for $5 per hour and do whatever you want • 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 a forgotten Italian economist • How to trade a long-haul career for short work bursts and freuent "mini-retirements" • What the crucial difference is between absolute and relative income • How to train your boss to value performance over presence, or kill your job (or company) if it’s beyond repair • What automated cash-flow “muses” are and how to create one in 2 to 4 weeks • How to cultivate selective ignorance—and create time—with a low-information diet • What the management secrets of Remote Control CEOs are • How to get free housing worldwide and airfare at 50–80% off • How to fill the void and create a meaningful life after removing work and the office You can have it all—really. From the Hardcover edition.

Tim Ferriss is author of three #1 NYT/WSJ bestsellers: The 4-Hour Workweek, The 4-Hour Body, and The 4-Hour Chef. He is also a start-up advisor specializing in positioning, PR, and marketing (Uber, Evernote, etc.). When not damaging his body with abusive sports, he enjoys chocolate, bear claws, and Japanese animation.

Timothy Ferriss

The 4-Hour Workweek

Engineering managers and product managers pride themselves on delivery. Did the thing get built on time, on budget, on spec? That’s how we judge our own performance and also how our managers typically judge us.Instead, we should be measuring ourselves against user and customer behaviour changes. Email open rates, user interactions, account creations, and the like.

Outcomes Are Behaviours, Measurable And Observable

An MVP is NOT version 1.0 of your product. It is the smallest thing you can create to learn if your hypothesis is correct. Agile products begin with a series of hypotheses and experiments, designed to achieve a specific and measurable outcome.

The Minimum Viable Product(MVP)

In place of big bang product releases, a leader has to focus on creating specific, smaller customer behaviours that drive business results. You can create new behaviours or focus on existing customer behaviours (e.g. opening emails or sharing images). This could in turn help increase the lifetime value of those users, which is a measurable business result.The customer-centric company's highest priority is to satisfy the customer through early and continuous delivery of value.For example: Enabling users to create a music playlist, so that they can find their favourite music easily.

Delivering Value

An outcome is “a change in human behaviour that drives business results.” Outcomes have nothing to do with making ‘stuff’ – though they’re something created by making the right stuff.
Outcomes are the changes in the customer, user, employee behaviour that lead to good things for your company, your organisation, or whoever is the focus of your work.

The Meaning Of Outcomes

The Magic Questions that we can all apply when figuring out the right, measurable outcomes to concentrate on: <ul><li>What are the user and customer behaviours that drive business results? This is the outcome that we’re trying to create.</li><li>How can we get people to do more of these behaviours? These are the features, policy changes, promotions, etc. that we’ll do to create the right outcomes.</li><li>How do we know that we’re right? This uncovers the dynamics of the system, as well as the tests and metrics we’ll use to measure our progress.</li></ul>

The Magic Questions

Features are outputs, solutions have outcomes.Organizations need to embrace the goal of building as little as possible to solve the problem at hand. Intuitively, this makes sense. You’d obviously rather invest $1M solving a problem than $5M.Once we realize the goal of building as little as possible, we can orient our planning process around building less.

Building As Little As Possible

How do teams determine the right outcomes to concentrate on?Firstly, they ask: “What are the customer behaviours that drive business results?” and set an “impact level target”.Secondly, once the impact level target has been defined, they can then ask “what are the things that customers do that they predict they’ll visit our site?” The focus is on observable and measurable outcomes.

The Right Outcome

Instead of building plans around outputs or features, it often makes more sense to plan around themes of work, problems to solve, or outcomes to deliver.A leader has to coordinate with internal teams(like support) for input and shift the conversations about features to conversations about problems and the possible solutions.

Feature Requests Are Simply Problems To Solve

In the old days, when we made physical products, setting project goals wasn't that hard. But in today's service- and software-driven world, "done" is less obvious. When is Amazon done? When is Google done? Or Facebook? In reality, services powered by digital systems are never done. So then how do we give teams a goal that they can work on?Mostly, we simply ask teams to build features--but features are the wrong way to go. We often build features that create no value. Instead, we need to give teams an outcome to achieve. Using outcomes creates focus and alignment. It eliminates needless work. And it puts the customer at the center of everything you do.Setting goals as outcomes sounds simple, but it can be hard to do in practice. This book is a practical guide to using outcomes to guide the work of your team. "Josh's crisp volume brims with insight about how to fly at just the right level - the level of outcomes. If you've ever wondered how M your MVP should be, or how to get more R in your OKRs, this book will help." - Nick Rockwell, CTO, NY Times

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