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1-Page Summary of The 4-Hour Workweek

Overview

Make a list of everything you want to achieve in the next six months. Now, calculate how much it would cost per month. Whether it’s buying a sports car or hiring someone to cook for you, estimate what it will take monthly and use that number as your target income. You now have an exact figure on which to base your future earnings so you can attain your dream life.

Would you rather work hard for 40 years and retire early, or would you prefer to spend just a few hours working each week and earn as much in a month as you currently do in a year?

It may seem like a crazy idea, but you can work less and still be successful. The author did it by taking time off from his business to see the world. He realized that he could run his business effectively from anywhere in the world with minimal effort or stress. With this new mindset, he joined the ranks of what is known as “the New Rich.”

The New Rich are different than the Old Rich. The Old Rich were tied to their homes and land, but the New Rich are wealthy jet-setters who don’t have to work. They’re not born into money; instead, they achieve wealth by automating their income and developing a popular product.

There are certain things you can do to achieve this lifestyle. The author will explain them in the next few paragraphs. You’ll also learn how you can use Pareto’s principle and a passive income stream, as well as how to take mini-retirements while still working.

Big Idea #1: The New Rich are wealthy in the present, not just for the future.

Many people work hard all their lives to save money so that they can retire one day. They go to work every morning and spend eight hours at a desk, dreaming of the day they’ll be able to relax on a beach with a margarita.

Some people are deferrers who postpone life by working hard and saving money. They may save up a lot of money, but that’s not worth the lifetime of work they put in.

The author met a man named Mark on a flight from Las Vegas. Mark was the quintessential success, but he seemed to have no joy in his life. The two ex-wives and current wife did not bring him happiness, and he had enjoyed none of his jobs.

Instead of living a life that he enjoys, the author has sacrificed his enjoyment for years in order to live like a millionaire. The New Rich (NR) have realized that they don’t need millions of dollars to enjoy their lives and have freedom. They can travel more, spend time on hobbies, or hire servants if they want to. In fact, all these things are possible without being millionaires.

Flexibility and mobility are crucial to living a luxurious life. You need both in order to do whatever you want, whenever you want. In order to have those things, it’s necessary to work more than 40 hours a week.

Big Idea #2: Reject the belief that you’re not good enough.

The NR (New Rich) reject the conventions of working life. They increase their income and reduce the hours they work by using a formula that stands for Definition, Elimination, Automation, and Liberation.

Let’s talk about how to join the NR in detail. First, you’ll have to redefine your approach to work. To do this, you’ll have to change your goals and focus on what really matters. If you want a place within the NR, then your current goals are probably not aligned with that goal because they’re more closely related to common deferrer goals.

Let’s talk about retirement. For most people, it’s the end of a long journey and a time to relax. But not for the NR; they take mini-retirements in between intense work periods. They either completely relax or do something fun such as learning how to fence during their mini-retirements.