Tuesday, 13 March 2018

4-HOUR WORK WEEK: Book Summary By Timothy Ferriss (3 BEST WAYS TO EARN MONEY)

Hello Friends,

Suppose there are two men, one is Bob and the other is Robert, Bob works in a large company, where he earns 12 Lakh of rupees in a year, And on the other side, Robert has started an online business, where he is earning 6 lakhs in a year, No, if I ask who is richer between these two, Almost all people will say that Bob is richer than Robert, Because Bob's salary is almost double compared to Robert's salary, To some extent, this answer is correct, Until the moment we compare your absolute income, But in reality the world is Relative not absolute, So now we will compare your relative income.

Bob works 80 hours in a week, While Robert works only 10 hours in a week, According to this, if we calculate, Bob receives 288 rupees per hour, While Robert receives 1153 rupees per hour, so now think who is winning more, Our time is the most precious, So, if we relate time and money, then Robert is richer, Because Robert works hours less than Bob, He can do many other things in those hours in a week, Like, you can learn new things, you can improve your business skills, And you can expand your business and you can increase your income, You can give yourself time, your friends in the family, and you can pay attention to your health, So your life can be happier and more positive, On the other hand, doing these things could be very difficult for Bob Because he does not have that much time.

Not only this, but also a concept known as Geo-arbitrage, Make this comparison more interesting, Therefore, Bob works in a large company, which is located in an expensive city, where you have to travel, so it is necessary to stay close to the location of your company, on the other side, Robert does a business online so you can work almost from anywhere in the world, where only a laptop and the Internet are required, I'm telling you all this, because Bob has to go five to six times a week in the office, it cost him a lot of travel, food and house rent or maintenance costs to him because he lives in an expensive city so even after earning more, you can not save much, since, Robert has an online business, can travel the world and can work at the same time, In fact, you can earn in dollars and spend in pesos (stays in the Philippines) Which makes everything cheap for him.

Now if I make a comparison, Bob can go to a great restaurant, and he can have his own food just once, With the same amount, Robert can go to the restaurant time and have a proper meal, And because of all this, your expenses are lower and your savings are greater.

Geo-arbitrage means taking advantage of the economic difference between markets, To generate higher yields, Which is possible only for Robert but not for Bob.

Now the important question arises, Like Robert, is it possible that we spend less time and earn more money, So, the answer is yes, it is absolutely possible, Even you can do this by automating your income, which is similar to my previous concept of passive income of poor father poor father, If you have not read the article (rich dad daddy poor), let me explain it again.

There are two types of income:

First active income,

To win it, we always need to be Active, It means that if we do not work we will not win or we will not get money.

For example; Do a job or have your own administration department without help

And the other is passive income,

Where it is not necessary to work to obtain money, even if you have to work, it will not be any longer,

For example, rent a store so you can get your rent, so you can get monthly income, without doing anything, or to create a website, from where you can earn money by watching ads,

There are many ways to earn automated income through the use of the Internet, but the three most popular ways are, first making a product or content of its own, Second; licensing the product or ideas, and the third is reselling things.

Among these three, the simplest way is resale, suppose you want to become a reseller, That at the beginning you have to buy a product to sell it, You can buy from any wholesale website, such as Alibaba or from any website / any source to your knowledge, from where you can buy at a lower price, Then you can resell it the same way you bought it, or making some changes, making it more like painting on it, Then you can sell the final product with profit margin, on your website that you have created, If that is not possible, you can sell it to Amazon, the Flipkart websites becoming the seller,

Obviously, these ideas will not be as easy as they seem, however, you must learn many things before your execution, But if you learn everything at once easily and learn how to outsource work, By doing all this, you can earn a lot of automated income,

For doing any job effectively in less time The author asks us to pay more attention to two points,
First elimination, If you want to get the best results from your work in less time, Then you should know, what selective work you should do, and most importantly, you should know what work you should not do, To understand this more appropriately, the 80-20 principle is highlighted here, I have done a complete article, because this principle is very powerful and very important.

Those who do not know this principle, Here, 80-20 principle means, The maximum result you get is the least work, In fact, you will get 80% of your results only with your 20% of work, then you should know, what is that 20% of work, so you can focus completely and concentrate on that 20% of work, and can eliminate the remaining 80% work.

Second Out Sourcing Like a child looking at the rich people I use to think, That they hire other people for every little job, how to keep the driver, for domestic work, they hire servants, so I used to think they do all this just for Show off, or maybe they should be very lazy, but later I realized, how wrong I was, Usually, the rich mentality employs the servants to save their time, Not to brag,
Because they know the value and importance of time, They know that the more time they spend in driving and another small job, at the same time that they can be used by doing other important and useful work, From which you can earn more money than all the servants at the same time, Similary, Even you have to do the work, which only you can do, in which you are the expert, and rest work can be outsourced to others.

I have shared this knowledge with all of you in the weekly 4-Hour Work Week, that explains in detail, how we can start our own business, instead of doing a job, how can we achieve more by working less and also enjoying our work.

So, if you want to know more things of this type in detail, you can buy this book by clicking on this green link.

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