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Reading Notes: The 4 Hour Workweek

Author:  Timothy Ferriss

Format: Audible

Subject:  Lifestyle Management

Rating: 4/10

Summary:

The title “The 4 Hour Workweek” instantly signals the skeptic in me.  So But I chose to take a chance on this book since it had so many raving reviews.  It is written in a semi-instructional / semi-narrative format and is theoretically based on Ferriss’s own experiences.

I enjoyed the concept of lifestyle management and  “having freedom of time and location,” when it comes work.  There were also a few other nuggets of knowledge buried throughout the first half of the book.

However, the second half of The 4 Hour Workweek is a half-baked mix of getting “Newly Rich” quick schemes scattered in between boastful tales of Ferriss’s adventures in life and business.

To be fair, maybe I just didn’t get the message Ferriss was pushing in the later parts of the book.  After all, early on in the book he aptly advises the readers to not waste their time reading information that doesn’t add any value to their lives.  I failed to heed his warning and wasted several more hours of my life listening to the author ramble on about nothing of any serious value.

What I liked Most About the Book:  The 4 Hour Workweek is the first book I have read on lifestyle management.

What I liked Least About the Book:  In theory the author’s experiences should make him a well-rounded and very interesting person.  However, after listening to his many tales of adventure he comes across as pretty much a shell of a real person without any real substance.

Knowledge Nuggets:

  • Apply the Pareto Principle (80% of results come from 20% of the effort) to as much of your life as possible.
  • Master the art of “Not Finishing.”  As soon as you determine that any particular activity is wasting your time, stop doing it.  This advice makes a ton of sense, but sort of goes against the way most of us were taught to behave.
    • Side Note:  I wish I would have applied the art of “Not Finishing” to this book, but I digress.
  • Become fanatical about delegating unimportant tasks, empowering subordinates, and eliminating anything that is not a key in driving results.
  • It is smarter to Ask for Forgiveness, then to Ask for Permission.  I have been applying this mentality for years.
  • Focus on increasing your expertise in certain areas as opposed to overcoming your weaknesses.

Terrible Tip:

  • Ferriss advocates a “Low-information Diet,” which he applies to pretty much all information.  I agree that much of the information that most of us consume is pretty meaningless.  But, knowledge is power.  And new information is critical to our continued growth as well-rounded people.
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Reading Notes: Rich Dad, Poor Dad

Author: Robert T Kiyosaki

Format: Audible

Narrated By: Tim Wheeler

Subject: Personal Finance

Rating: 4/10

Summary:

Rich Dad, Poor Dad is written in the form of a narrative containing life lessons of the author from both his Rich Dad and Poor Dad. I went through an entire spectrum of emotions while listening to this audio book.  The character known as the “Rich Dad” made several excellent and inspiring points during the many lessons he taught to the author.  However, an equal amount of those lessons were full of of bad advice and Ad Hominem attacks against anyone that didn’t agree with his logic.

The book makes a lot of subtle and not so subtle attacks on traditional education, and implies that most educated people are idiots and have grand senses of entitlement; It often uses the Poor Dad, who is a college educated teacher, to make this point.  To be fair, the author makes an excellent point about the lack of strong financial education in our public schools and homes. He also does an excellent job of motivating people to take responsibility and accountability in their own financial futures.

In conclusion, I found Rich Dad, Poor Dad to be way more inspirational than educational.

What I liked Most About the Book:

The average person could read this book as the only personal finance education they ever received and would have a better chance at success.

What I liked Least About the Book:

The average person can follow this book verbatim and make a lot of really terrible personal finance decisions.

Favorite Quotes:

“Rule #1: You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know.”

“An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.”

“That is why I say that someone’s Net Worth is worth less than they think.”

“I can’t afford it shuts down the brain…  How can I afford it? opens up the brain.”

“People who avoid failure also avoid success.”

“An intelligent person hires people who are more intelligent than he is.”

“Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.”

“There is a difference between being poor and being broke. Broke is temporary. Poor is eternal.”

Accounting is possibly the most confusing, boring subject in the world….”