The 4-Hour Workweek Notes and Summary

Rating: 8/10

This book is a great eye-opener into the utility of passive income. It does a good job of blending conceptual and mindset-centered tools with practical guides and “how-to’s” for designing one’s life. A great read for anyone not familiar with the ideas of automation, the 80/20 rule, virtual assistants, and lifestyle businesses.

First and Foremost

My Story and Why You Need This Book

  • “Whenever you find yourself on the side of the majority, it is time to pause and reflect” – Mark Twain
  • New Rich (NR):: Those who emphasize time and mobility over pure income.
  • Lifestyle Design (LD):: The art and science of crafting one’s life for free time and mobility.
  • People don’t want to be millionaires; they want the experiences of a millionaire.
  • Why waste your life working for retirement?
  • Besides science and law, rules (social norms) are negotiable.

Step I: D is for Definition

1. Cautions and Comparisons: How to Burn $1,000,000 a Night

  • Deferrers (D):: Those who retire at the end of their life, working a job they dislike.
  • Time and mobility have a multiplier effect on our money.
  • As a business owner, fire your least profitable customers and outsource all operations you dislike doing.
  • Once you say you’re going to settle for second, that’s what happens to you in life. – John F. Kennedy

2. Rules That Change the Rules: Everything Popular is Wrong

  • The formula for failure is trying to please everyone.
  • Look for unexploited opportunities.
  • Innovations occur when we test basic assumptions. The same goes for social norms.
  • If everyone is defining a problem a certain way and getting subpar results, ask yourself, “what if I did the opposite?”
  • Don’t follow a model that doesn’t work. If the recipe sucks, it doesn’t matter how good a cook you are. – Tim Ferriss
    • The direction we’re going is much more important than our speed.
  • Retirement should not apply to everyone because
    • Retirement assumes we dislike our job.
    • It is difficult to retire and maintain a desired standard of living.
    • If we can retire, there’s a good chance we’re conscientious and enjoy working, and would get bored quickly.
  • Our interests and energy are cyclical.
    • This is why the New Rich (NR) take mini-retirements.
  • Doing less is not lazy, it’s smart.
    • Measure the results of your time.
    • Laziness:: To endure a non-ideal existence, let circumstances or others dictate our life, and amass a fortune while passing through life like a spectator.
    • Be productive, not busy.
  • The perfect time to start something doesn’t exist. The timing will often suck. Do it and make adjustments as you go.
    • The universe is ambivalent. It doesn’t work against us, but it also won’t work for us.
    • “Someday” is a disease that will take your dreams to the grave with you. – Tim Ferriss
  • Ask for forgiveness, not permission.
    • If what we’re doing won’t devastate those close to us, we should do it and then justify it.
    • At first, most people will react emotionally to what we’re doing. They’ll think it through later.
    • Don’t give people the chance to say no.
    • Most people are fast to stop you before you get started but hesitant to get in the way if you’re moving. – Tim Ferriss
  • Money alone is not the solution.
    • Money is a tool to achieve certain aims, but it should not be our sole focus.
    • “If only I had more money” is a common excuse to postpone the self-examination and reflection required to find out our true priorities.
  • Things in excess become their opposite.
  • Emphasize your strengths, don’t fix your weaknesses.
  • Relative Income is more important than Absolute Income.
    • Absolute Income:: How much money we make.
    • Relative Income:: How much money we make per unit of time.
  • Distress is bad, Eustress is good.
    • Distress:: Harmful stimuli that negatively affect our long-term well-being.
    • What are examples of distress?:: Destructive criticism, abusive bosses, and illness.
    • Eustress:: Stimuli that are painful at the moment but beneficial in the long run.
    • What are examples of eustress?:: Pushing yourself at work, resistance training, and uncomfortable risks.
    • Growth requires eustress.

3. Dodging Bullets: Fear-Setting and Escaping Paralysis

  • Many a false step were made by standing still. – Fortune Cookie
  • Risks aren’t as scary once we take them.
  • Find what bores you and avoid it.
  • Action may not always bring happiness, but there is no happiness without action. – Benjamin Disraeli
  • Most people will choose unhappiness over uncertainty.
  • To conquer fear, we must first define it.
  • Analyze both the short-term and long-term effects of your decisions.
    • Imagine the worst-case scenario and then create a plan for how you will get back on track if that event occurs. Rate the worst-case on a scale of 1-10 in terms of potential long and short-term impact on your life. This reduces the fear and anxiety toward taking a risk.
    • Imagine a more probable scenario. Rate the scenario on a scale of 1-10 in terms of the potential long and short-term impact on your life
    • If they fired you from your job today, what would you do to get yourself back under financial control?
    • What are we putting off because of fear?
      • Usually, what we most fear is what we most need to do.
      • A good marker for a person’s life success is the number of uncomfortable conversations they’re willing to have.
      • Do one thing every day that you fear.
    • What is costing you – financially, emotionally, or physically – to postpone action?
      • If you don’t pursue what you know you should, how will your life be in 1, 5, 10, and 20 years?
    • What are you waiting for?
      • If you can’t answer this without using the excuse of timing, you’re likely afraid.
  • Risk:: The likelihood of an irreversible negative outcome.
  • There’s no difference between a pessimist who says, “Oh, it’s hopeless, so don’t bother doing anything,” and an optimist who says, “Don’t bother doing anything, it’s going to turn out fine anyway.” Either way, nothing happens. – Yvon Chouinard.
    • Be an optimistic realist.
  • Optimistic Denial:: Fear masked as optimism, leading to a lack of action by assuming that everything will turn out fine.
  • Hell forces action, but anything less can be endured with enough clever rationalization.
  • If we’re so confident that things will get better, why do we keep telling ourselves that? Shouldn’t it be evident?
  • Are you better off than you were one year ago, one month ago, or one week ago? If all the answers are all no, then things will probably not improve by themselves.

4. Systems Reset: Being Unreasonable and Unambiguous

  • The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man. – George Bernard Shaw
  • We often overestimate our competition, using their seemingly better abilities as a reason to give up.
  • Doing the unrealistic is easier than doing the realistic because most people don’t attempt the unrealistic. We have less competition.
  • Everyone is insecure.
  • Choosing an extreme, ambitious goal propels us to achieve more than we think is possible.
    • Shoot for the stars, land on the moon.
  • What do you want and what are your goals? are too imprecise questions to get a meaningful and actionable answer. A better question is what excites you?
  • Specify your goals as much as possible.
  • Most people work with the following goal in mind “I’ll work until I have X dollars, and then do what I want.” If we don’t define what X is, we’ll keep raising the bar to avoid uncomfortable self-reflection.
  • Dreamlining:: Unrealistic goal setting with defined steps that focus on activities that will fill the vacuum once we remove work.
  • One way to deal with rejection is to persist.
  • Ever tried. Ever failed. No matter. Try again. Fail again. Fail better. – Samuel Beckett
  • When Dreamlining, ask yourself:
    • What would you do if there were no way you could fail?
    • What would you do if you were 10x smarter than the rest of the world?
    • What would you do, day to day, if you had 100 million dollars in the bank?
    • What would make you most excited to wake up in the morning to another day?
  • The most important actions are never comfortable.

Step II: E is for Elimination

5. The End of Time Management: Illusions and Italians

  • Being busy is often a guise for avoiding the few critically important but uncomfortable actions.
  • An employee should increase their productivity to achieve raises and remote work opportunities.
  • Effectiveness:: Doing the things that get us closer to our goals.
  • Efficiency:: Performing a task most economically as possible.
  • We want to be effective first, then efficient.
  • The Pareto Principle/80/20 Rule/Pareto’s Law/Pareto Distribution:: A mathematical distribution where 80% of a result is due to 20% of the potential causes.
  • Routinely ask yourself (in both business and personal life)
    • What 20% of sources are causing 80% of my problems and unhappiness?
    • What 20% of sources are resulting in 80% of my desired outcomes and happiness?
  • Find your inefficiencies and eliminate them. Find your strengths and multiply them.
  • We don’t want more customers; we want more good customers.
  • Focus on the important few and ignore the rest.
  • A lack of time is a lack of priorities.
  • Parkinson’s Law:: The phenomenon where tasks fill the time allotted.
  • For identifying the important, ask yourself:
    • If you had a heart attack and had to work two hours per day, what would you do?
    • If you had a second heart attack and had to work two hours per week, what would you do?
    • If you had a gun to your head and had to stop doing 4/5 of different time-consuming activities, what would you remove?
    • What are the top three activities that I use to fill time to feel as though I’ve been productive?
    • Who are the 20% of people who produce 80% of your enjoyment and propel you forward, and which 20% cause 80% of your depression, anger, and second-guessing?
    • If this is the only thing I accomplish today, will I be satisfied with my day?
  • Simplicity requires ruthlessness.
  • Task Creep:: Doing more to feel productive while accomplishing less.
  • Multitasking:: Spending your attention on multiple things at once.
  • We should avoid multitasking as it reduces concentration.
  • Continually shorten deadlines to maximize Parkinson’s Law while measuring if there is a decrease in quality.
  • Start proposing solutions more often.

6. The Low-Information Diet: Cultivating Selective Ignorance

  • It is impossible to have perfect and complete information when making a decision.
  • Train your employees to come up with solutions so they don’t continually come to you for answers.
  • Selective Ignorance:: Ignoring and redirecting information and interruptions that are irrelevant, unimportant, and unactionable.
  • Being selective with our information gives us a great small talk opportunity, as we can ask acquaintances what’s going on in the world.
  • If something is important enough, you’ll hear about it.
  • When selecting books, prioritize those that are old, have great reviews, and have credible authors.
    • Use the information from those books to generate thought-provoking questions and contact the authors to answer those questions.
    • Read sections of the book that apply to your next step.
  • Tracing words with a pen, pencil, finger, or other object increases reading speed.
  • Begin each line in a text at the third word from the first word and end each line at the third word from the last word. This makes use of peripheral vision wasted at the margins.
  • Practice taking two snapshots per line of text at the first and last indented words.
  • Read faster than you are comfortable with for five pages before reading at a comfortable speed. This will heighten your perception and improve your baseline reading speed.
  • Get in the habit of asking yourself, “Will I use this information for something immediate and important?”
  • If a piece of content is not good, don’t finish it. We have limited time and should only consume the most insightful and highest quality information.

7. Interrupting Interruption and the Art of Refusal

  • “Meetings are an addictive, highly self-indulgent activity that corporations and other organizations habitually engage in only because they cannot actually masturbate.” – Dave Barry
  • Being known as an assertive person will help us get what we want without having to fight for it.
  • Interruption:: Anything that prevents the start-to-finish completion of a critical task.
  • What are the three major sources of Interruptions?:: Time Wasters, Time Consumers, and Empowerment Failures.
  • Time Wasters:: Things that we can ignore with little consequence.
  • What are examples of Time Wasters?:: Meetings, discussions, phone calls, web surfing, and email that are unimportant.
  • Time Consumers:: Repetitive tasks that need to be done but interrupt important work.
  • What are examples of Time Consumers?:: Making phone calls, customer service, reading and responding to email, financial or sales reporting, and personal errands.
  • Empowerment Failures:: Occurrences where someone needs approval to complete their work.
  • How to reduce email use (turn off notifications, never check e-mail as the first thing in the morning, create an email auto-response). Negotiate email use with your boss. Use the excuse of pending projects or frustration with Interruptions.
  • Limit phone calls (use 2 phone numbers, an office line (non-urgent), and a cellular (urgent). Minimize small talk and create a tone of productivity.
  • Avoid meetings.
    • Ensure meetings have a clear aim.
    • Meetings should not be used to define a problem, but to make decisions.
      • If asked for a meeting, ask the person what its purpose is.
    • Define the end time of a meeting. 30 minutes should be near the maximum.
  • It is our job to train those around us to be effective and efficient.
  • Communication should occur in this order of preference: email, phone call, meeting.
  • Respond to a voicemail with an email whenever possible.
  • Limit back-and-forth communications as much as possible.
  • Don’t allow people into your office unless necessary.
    • Use a do not disturb sign.
    • Put headphones on.
    • If someone approaches, pretend to be on the phone.
  • Puppy Dog Close:: An approach in sales where the customer takes an item home with them without paying for a limited time, allowing them to grow attached and improve the likelihood of a sale.
  • Batching:: Grouping similar tasks and doing them together.
  • Why is Batching effective?:: Because all tasks have a setup time, which is often the same no matter how many tasks we have. There is also a psychological cost whenever switching tasks, draining focus.
  • “The vision is really about empowering workers, giving them all the information about what’s going on so they can do a lot more than they’ve done in the past. – Bill Gates
  • The employee’s goal is to have all the information available to them so they can engage in as much independent decision-making as possible.
  • The entrepreneur’s goal is to give their workers as much information as possible to facilitate independent decision-making, freeing up the owner’s time.
  • People are smarter than we think. Let them prove themselves.

Step III: A is for Automation

8. Outsourcing Life: Off-loading the Rest and a Taste of Geoarbitrage

  • Entrepreneurs have to direct and chastise other people. A virtual assistant (VA) is a good practice ground for developing these skills.
  • Expect 2-4 weeks before your virtual assistant (VA) gets the management down.
  • We can always do something more cheaply ourselves, but it will cost us our time. Determine the value of your time and outsource all work below that value (unless you enjoy that work).
  • “The first rule of any technology used in a business is that automation applied to an efficient program will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates
  • Eliminate before you automate and automate before you delegate.
  • A superb source of automation for customer service is an FAQ page.
  • Refine rules and processes before adding people, as using people as a solution to poor processes increases problems.
  • Each delegated task must be both time-consuming and well-defined.
  • The benefit of outsourcing to different countries is it is often cheaper and our virtual assistant (VA) works while we sleep.
  • The con of outsourcing to different countries is the language barrier, which increases back-and-forth discussion and therefore the cost.
  • If you are outsourcing overseas, test a few assistants and sharpen your communication skills.
  • If we are outsourcing overseas, use a Virtual Assistant (VA) firm instead of an independent person. The independent person is a single point of failure whereas the firm gives us a group of talent to choose from.
  • Misuse of confidential and financial information from overseas firms is rare. To avoid this, don’t allow your virtual assistant (VA) to subcontract work without your permission, and have excessive security measures in place.
    • Make employees undergo a background check and sign nondisclosure agreements, require an electronic access card for entry and exit, have selected supervisors be the only ones to key in credit card information, don’t allow for the removal of paper from offices, use VLAN-based access restrictions, have regular reporting on printer logs, don’t allow floppy drives or USB ports, make sure firm has BS779 certification, 128-bit data encryption for all data exchange, and have a secure VPN connection. Never use debit cards for online transactions or with remote assistants. Create a unique login for your website for your Virtual Assistant (VA) to use (allow them to create new accounts if needed).
  • If you are not good at giving orders, assume most errors of your virtual assistant (VA) in the beginning are your fault.
  • Request a virtual assistant (VA) with excellent English and indicate phone calls will be required, even if they are not. Quickly request a replacement if communication is an issue.
  • Sentences should have one interpretation and be at a 2nd-grade reading level.
  • Ask your virtual assistant (VA) to rephrase tasks to ensure clarity.
  • Request a status update from your virtual assistant (VA) for a few hours of work on the task to make sure the task is understood and doable.
  • Set strict deadlines for your virtual assistant (VA).
  • Break down large tasks into small steps for your virtual assistant (VA).
  • When giving criticism, first praise someone, then criticize them, and then shift back to another praise.

9. Income Autopilot I: Finding the Muse

  • Muse:: A vehicle for automating income.
  • The more resellers for our product, the quicker our product will die. Resellers compete with each other, reducing the price, which reduces profits.
  • If we offer a manufacturer exclusivity, we have more negotiating room.
  • Decide how you will sell and distribute your product before committing to making the product.
  • The more middlemen that are involved, the higher your margins must be.
  • First, pick an affordably reachable niche market.
    • Filling demand is much easier than creating demand.
    • Find a market, then create a product.
    • Be a member of your target market, as this makes it much easier to find what people want.
    • For muses, it is more profitable to be a big fish in a small pond than a small fish in a big pond.
    • To find a market, ask yourself, what social, industry, and professional groups do you belong to, have you belonged to, or understand? Be creative.
      • Look at the products and books you buy, and ask yourself, “what groups of people make similar purchases?”
    • try to be the best, largest, or first in a specific niche.
    • The major benefit of your product should be summed up in one sentence.
      • How is your product different and why would someone buy it?
    • The product should cost the customer between $50-200.
      • Competitors will always sacrifice more profit margin, so start with a higher price for more leeway.
      • Having a higher-priced product increases the perceived value in the eyes of the customers.
      • A higher price means we can sell fewer items to reach our income needs.
      • Higher prices attract lower-maintenance customers.
      • Higher prices create higher profit margins.
      • Tim aims for 8-10x markup.
      • If the price is above a certain amount, customers will call and ask questions before being comfortable making the purchase.
    • Low Maintenance Customers:: Customers that have good credit, complain less, have fewer questions, and return fewer items.
    • The Muse should take 3-4 weeks to manufacture.
      • Contact manufacturers who specialize in the type of product you are thinking of manufacturing and ask them questions.
      • If necessary, google synonyms of your product along with words such as association or organization. Ask those groups for referrals to manufacturers.
      • Determine the per-unit cost of 100, 500, 1,000, and 5,000 units.
    • Option 1: Resell a Product:
      • This is the easiest route but the least profitable.
      • This is the fastest route to set up, but the quickest to stop being profitable due to price competition. We can avoid this if we sign an exclusivity agreement.
      • Back-end products can have lower margins since we don’t have to advertise.
      • To resell a product:
        • Contact the manufacturer and request a wholesale pricelist (usually 40% off retail) and terms.
        • Print out a business tax ID number if necessary.
    • Option 2: License a Product:
      • Licensing:: A business arrangement in which one company permits another company to manufacture its product for a specified payment.
    • Option 3: Create a Product:
      • If it is a physical product, hire someone to make a prototype.
      • Take the prototype to a product manufacturer and have them stick a new label on it.
      • Before manufacturing a product, calculate the set-up cost, per-unit cost, and order minimum.
      • Informational products make great muses because they are low-cost, fast to manufacture, and are time-consuming for competitors to duplicate.
      • Being an expert in the business realm means we know more about a topic than our customers.
      • Customers will perceive us as an expert relatively quickly if we learn fast and talk to other experts.
      • Become an expert in a skill others would pay to learn.
      • Do you have a failure to success story you can turn into a how-to product for others?
    • Our product needs to be fully explainable via an FAQ.

10. Income Autopilot II: Testing the Mus

  • Microtesting:: Using cheap advertisements to test consumer response to a product before manufacturing.
  • Best: Look at the competition and create a more compelling offer on a basic one-to-three page website.
    • The website should have testimonials that emphasize how we differentiate from the competition.
  • Test: Test the offer using short Google Adwords/Google Ads campaigns (five days of passive observation).
  • Divest or Invest: Cut losses with losers and manufacture the winner(s) for sales rollout.
  • How to differentiate yourself from the competition
    • Use more credibility indicators.
    • Create a better guarantee.
    • Offer a better selection.
    • Free or faster shipping.
  • Find what is already working and adopt it.
  • Create several ads with only one variable changed (domain name, guarantees, and product names). Then choose the most profitable combination.
  • A good click-through rate depends on what the profit margins are.
  • When advertising, ask for a first-time advertising discount and then cite competing companies.

11. Income Autopilot III: MBA — Management by Absence

  • Limiting contact with employees creates systems for employees to make their own decisions.
  • Contact outsourcing companies over freelancers to increase your margin of error, as freelancers are more likely to could quit.
  • Allow different outsourcing companies to communicate among themselves and give them written permission to make inexpensive purchases without consulting you first.
  • We should run most aspects of our business ourselves in the beginning so we can train outsourcers.
  • “Companies go out of business when they make the wrong decisions or, just as important, make too many decisions. The latter creates complexity.” – Mike Maples
  • Undecision:: Minimizing the number of decisions our customers can or need to make.

Step IV: L is for Liberation

  • It is far better for a man to go wrong in freedom than to go right in chains.” – Thomas H. Huxley

13. Beyond Repair: Killing Your Job

  • Mistakes Of Ambition:: Mistakes that result from action and incomplete information.
    • We encourage mistakes Of Ambition.
  • Mistakes Of Sloth:: Mistakes that result from inaction and fear.
    • We discourage mistakes Of Sloth.

15. Filling the Void: Adding Life After Subtracting Work

  • Subtracting the bad does not create the good. It leaves a void. – Tim Ferriss
  • Working in teams allows for socializing. When we remove work, we have to be more active with our social life.
  • “People say that what we are seeking is a meaning for life. I don’t think this is what we’re really seeking. I think what we’re seeking is an experience of being alive.
  • When asking questions:
    • Determine the meaning of each term in the question.
    • Determine if you can act upon the answer.
  • “What man actually needs is not a tensionless state but rather the striving and struggling for a worthwhile goal, a freely chosen task” – Victor E. Frankl
  • Common sources of Meaning include continual learning and service.
  • Traveling allows for new cues and conditions to make substantial progress on different goals.
  • Gaining a new language makes us more aware of our language and thoughts. We gain a second lens to see the world through.
  • “Morality is simply the attitude we adopt toward people we personally dislike” – Oscar Wilde
  • Service:: Doing something that someone else’s life.
  • Service is an attitude.
  • The downstream effects of solving problems often lead to additional problems. This is something we must accept. Continue solving problems.
  • “Adults are always asking kids what they want to be when they grow up because they are always looking for ideas.” – Paula Poundstone
  • Take your time to find something that calls to you.

The Top 13 New Rich Mistakes

  • Not following our dreams.
  • Filling time with busy work.
  • Not outsourcing.
  • Not empowering outsourcers and employees to make their own decisions.
  • Chasing bad customers.
  • Not using an FAQ or autoresponder.
  • Working where we live, sleep, or relax.
  • Not performing a thorough 80/20 analysis every 2-4 weeks for both your business and personal life.
  • Striving for perfection.
  • Using minor problems as an excuse to work.
  • Viewing work as our only source of meaning.
  • Ignoring our social life.
  • “If you don’t make mistakes, you’re not working on hard enough problems. And that’s a big mistake.” – Frank Wilczek

The Last Chapter: An E-mail You Need to Read

  • “There is nothing the busy man is less busied with than living; there is nothing harder to learn. – Seneca
  • “Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose.” – Steve Jobs

The Best of the Blog

The Art of Letting Bad Things Happen

  • To do big good things, we often have to let small bad things happen.
  • “Be focused on work or focused on something else. Never in-between” – Tim Ferriss

Things I’ve Loved and Learned in 2008

  • We don’t have to recover losses the same way we accrued them.
  • Slow meals are important.
    • Have at least one 2-3 hour meal week with friends and family.
  • Adversity doesn’t build character, it reveals it.
  • Money doesn’t change us, it reveals who we are when we no longer have to be nice.
  • We’re never as bad or good as our worst and best critics say we are.
  • When feeling overwhelmed, ask yourself: Are you having a breakdown or a breakthrough?
  • Spend some time in poverty to learn to live with less.
  • Opportunities are better when the perceived view is that there are no opportunities. There is less competition.

The Choice-Minimal Lifestyle: 6 Formulas for More Output and Less Overwhelm

  • The more choices we have, the more regret we feel and the less fulfilled we are. We ruminate on whether we made the correct decision.
  • Income is renewable, but attention is not.
  • Automate as much decision-making as possible.
  • Only think about future decisions when you have the capability of making that decision.
  • Don’t postpone decisions to avoid uncomfortable conversations.
  • Learn to make non-fatal or reversible decisions as quickly as possible.
    • By acting quickly, we free our attention to focus on other pursuits.
  • A routine allows for innovation in select, important activities.
  • Stop complaining.
  • Rumination on decisions accomplishes nothing and drains attention.

The Not-to-Do List: 9 Habits to Stop Now

  • Don’t answer calls from unrecognized phone numbers.
  • Do not email first thing in the morning or right before you sleep.
  • Do not agree to meetings or calls without an obvious goal.
  • Do not let people ramble.
  • Do not check email constantly.
  • Do not over-communicate with high maintenance, low-profit customers.
  • Do not work more to fix overwhelmingness, instead, prioritize.
  • Do not carry a cell phone every day.
  • Do not expect work to fill the void that non-work relationships and activities should fill.

The Margin Manifesto: 11 Tenets for Reaching (or Doubling) Profitability in 3 Months

  • To be profitable, we need better rules and faster systems, not more time input from us.
  • More profit should be the primary goal of a start-up.
  • Niches can make more money, as there is less competition.
    • We aren’t only marketing to the people who buy our product, but also the people who want to identify with the people who buy our product.
      • If we sell fitness gear, we’re appealing to fit people and people who want to become fit.
  • What gets measured gets managed. – Peter Drucker
  • Determine the price of your product before you make it.
    • Interview people in similar niches to find hidden costs.
  • Creating demand for our product gives us leverage for negotiating terms.
  • Repetition is generally redundant, good advertising works the first time.
  • Sacrifice profit margin for safety.
  • Negotiate late, have other people (or companies) negotiate against each other.
  • Use the 80/20 rule.
  • Fire high maintenance customers.
  • Missing deadlines is often fatal in business.

The Holy Grail: How to Outsource the Inbox and Never Check E-mail Again

  • Have multiple email addresses for specific types of contact (media, family, readers).
  • We can answer most emails with a common template.

Concluding Remarks

To create our ideal life, we have to shed our preconceived notions on how to become wealthy. Along the way, we should adopt techniques to improve our productivity and create muses for passive income. Then, we will have the freedom to pursue our true calling.