Automate Your Income

June 23rd, 2009

Timothy Ferriss, author of the 4 Hour Work Week, is a self described “serial entrepreneur and ultravagabond” who lives a lifestyle that most of us could only dream about — until now. His provocative book has been a #1 Wall Street Journal Best Seller, a #1 NY Times Best Seller, and a #1 BusinessWeek Bestseller.

Ferriss presents a step-by-step guide to his free-wheeling lifestyle, allowing us to follow in his footsteps and realize lifelong dreams. Albert Pope, derivatives specialist at UBS World Headquarters, has called him “Indiana Jones for the digital age”.

His basic premise is that we need to replace many, if not most, of our current assumptions and apply what he calls the Rules of the New Rich.

We home business owners need to replace these assumptions because they limit us and prevent us from enjoying life. In particular, we need to replace assumptions that waste our time and force us to live in a particular location; we’d like to be able to manage our businesses from anywhere, anytime.

Value your time and your mobility as you learn to join the ranks of the New Rich (NR). Both art and science contribute to Ferriss’ Lifestyle Design (LD).”

His model provides us with a roadmap for realizing your dreams. He shows us how to:

* Live like a millionaire
* Free time and automate income
* Outsource your life to overseas virtual assistants for $5/hour
* Travel the world without quitting your job
* Eliminate 50% of your work in 48 hours
* Trade a long-haul career for short work bursts and mini-retirements

He uses the DEAL acronym to describe his model, where:

* D = Definition
* E = Elimination
* A = Automation
* L = Liberation

According to Ferris, the Rules of the New Rich include the following:

* Retirement is Worst-Case Scenario Insurance
* Interest and Energy are Cyclical
* Less is Not Laziness
* The Timing Is Never Right
* Ask for Forgiveness, Not Permission
* Emphasize Strengths, Don’t Fix Weaknesses
* Things in Excess Become the Opposite
* Money Alone is Not the Solution
* Relative Income is More Important than Absolute Income
* Distress is Bad, Eustress is Good

He encourages us to use “Dreamlining” to design our own luxurious lifestyles. Focus your current efforts on elimination, simplification and outsourcing if you want to find yourself among the New Rich (NR).

Automation is another key component of the Lifestyle Design (LD) process.e.building systems and processes that eliminate ourselves as bottlenecks. Don’t automate anything that should be eliminated, and don’t delegate anything that should be automated or simplified.

Follow Ferriss’ guidelines and you’ll be able to recognize opportunities that others miss, and sieze them. You’ll come to realize that having choice.e.Power in life comes from personal choice.

Ferriss has shown us that it is possible to realize our dreams – faster and cheaper than we ever thought we could.

The 4-Hour Work Week is one of the most compelling and challenging books I’ve read in a long time. I plan to implement many of his ideas into my own life and am presently automating my income using the Infinite Income Plan.

I recommend you check out Ferriss’ book and his website/blog.

This is a great book that I recommend to every online business owner I know. This book and Ferriss’ website/blog contain extensive resource lists.

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