Reading log: 4-hour work week by Tim Ferriss

Just recently, I have got hold on a book which I personally like, the title of the book is called 4-hour work week by Tim Ferriss. In his book, he explained what is New Rich. He uses the acronym DEAL for the four main chapters. It stands for Definition, Elimination, Automation and Liberation.

I understand more about my own fear, and definition about about the life I always wanted. On top of that, he emphasised on the 80/20 rules, which I have learned from Jonathan Hiew, a friend of mine when I was in secondary school. (80% of your results come from 20 % of my effort).

The book also mentioned about the difference between efficiency and effectiveness. Efficiency is about how we could complete a task with minimal resources while effectiveness is about working towards our goal, which means doing the right thing. Before reading this book, I used to work hard before planning a strategy. I would pump hours and hours into things I wanted to master, and achieve things I wanted to achieve. But there are times, when all the effort is wasted due to lack of planning. Worse, there are times when things I have achieve are not the things I wanted.

When it comes to Automation, this is the item I wanted to achieve this year, by using resources around me to achieve automation. I guess being rich without time is just  a joke, all I got is just additional figure in my bank account. I would like to set up something which I could run on this year, hassle free. Be it investment, passive income or and internet business. I have managed to set up a substantial amount of my asset in investment generating passive income for me. My money is now working very hard for me even I am sleeping. Sometimes, I would even smile while sleeping.

Liberation, once I achieve automation this year, liberation would be another step for me. I would want to free myself geographically and time. Meaning, I would be able to work everywhere in the world. The idea of this is to leverage the currency, earnings and living standard. Let's say for example, earning SGD while spending in pesos or Thai Baht. All these would give me an edge in achieving ultimate goal. Time and location free.