Book Review : The 4-Hour Workweek by Timothy Ferriss
Here is one thing I realized from reading this book. A lot of entrepreneurs focus on their services and products to free themselves of their 9-to-5 job, but what Timothy Ferriss suggests is to find a way to have passive income first before creating your own products or services.
Before reading this book, I didn't think passive income was important. It may seem simple, but I get it now. The key is cash flow. It's hard for me to say this, but it doesn't really matter if you love the product or not because the goal is cash flow so you can live a better quality life.
Some examples of what you can do to bring in cash flow are affiliate programs, referral programs, dropshipping, each having no inventory. Some people may see it as being lazy, but it actually makes sense because you want an income of cash flow to replace your job.
The beauty of it is that once you find passive income, it's income automation.
You can now focus truly on what you're passionate about because you have gas in your car and the stress of having capital is not going to be a challenge.
Tim also talks about living the laptop lifestyle in different countries. For example, I grew up in the Philippines and I can relate to a lifestyle in different countries. If you're living in the Philippines, $500 a month is a great income. With that said, you can live comfortably in another country on a lot less than in the United States.
The bottom line is to build passive income to start so you can then focus on the bigger dream of your passion (whatever that product or service may be). In this book, Tim gives us a guide to being able to do that. He calls it The 4-Hour Workweek because he's teaching us to build a system where our company does not need us, but where the system itself is building and generating our income.
I like the idea of "I have a business, but I'm not in it." Waking up every morning to money in my bank account while traveling the world sounds like a great idea to me. What about you?