Book Review – The 4-Hour Work Week
In his first published work, Timothy Ferriss begins his authorship with a non-fiction self-help piece aimed towards the bored and restless, or just those of us who are sick and tired of working 9am-5pm, fifty weeks out of the year. The general idea behind this book is that it is possible to “escape the 9-5, live anywhere, and join the New Rich.” The “New Rich”, by the way, “are those who abandon the deferred-life plan and create luxury lifestyles in the present using the currency of the new rich: time and mobility” (p. 7).
After an introductory section with chapters entitled, “FAQ – Doubters Read This” (p. 3), and “My Story and Why You Need This Book” (p. 5), Ferris directs his readers through four steps which will guide them to “reinventing” themselves, or becoming a member of the new rich.
Section #1: Definition
In this section the author defines exactly what type of lifestyle the New Rich adopt, “replaces self-defeating assumptions and explains concepts such as ‘relative wealth’ and ‘eustress’” (p. 10).
Section #2: Elimination
Remove the need for time management. Ferris explains how he “turned 12-hour days into 2-hour days…in 48 hours” (p. 10). Other topics discussed are: “techniques for cultivating selective ignorance, developing a low-information diet, and otherwise ignoring the unimportant” (p. 11).
Section #3: Automation
Develop a constant stream of income while outsourcing your life.
Section #4: Liberation
Remove your ties to one home and one office; take “mini-retirements” (p. 32), and become master of “remote-control” (a.k.a remote working (p. 207)).
My thoughts on this book, since that is why you are reading this, are as follows:
Poor Financial Advice
Naturally I always lean towards the personal finance side of books (if any) when the book does not deal directly with the subject. Ferriss encourages the use of credit cards and other means of creating debt in order to enjoy the here and now. The worst, is found on page 9:
“…this book is not about saving and will not recommend you abandon your daily glass of wine for a million dollars 50 years from now. I’d rather have the wine. I won’t ask you to choose between enjoyment today or money later. I believe you can have both now. The goal is fun and profit” (emphasis added).
When I read that I did a double take. I have several issues with this statement: 1) saving money does not mean you cannot have a glass of wine every night. Personally, I substitute the wine for a beer. 2) Saving is not only in an effort to live well later, but to live well now (especially in the case of an emergency). If we do not save, what do we have to fall back on? 3) I, too, believe you can have both fun and profit now. BUT I believe one comes before the other and I believe that the harder you work (towards your goals) now the sooner you will have “fun”. And even then, what the author considers fun (racing motorcycles in Europe, skiing the Andes, scuba diving in Panama, and dancing tango in Buenos Aires) are not my ideas of fun.
Good Personal Productivity Tips
Even though he may not call them that, that is what they are to me. In section two, Elimination, he spends an entire section on making you become the best worker BUT one who is not putting in long hours and essentially “kissing butt” to look good. He teaches that being effective vs. being efficient is much better. Giving the example of his elaborate email system of folders and filters that he once had, he admits that it was “efficient on some perverse level, but far from effective” (p. 67). The best tips come on pages 78 and 80, and he gives them in a series of 8 questions. I have listed the best below:
- If you had a heart attack and had to work two hours per day, what would you do?
- If you had a gun to your head and had to stop doing 4/5ths of different time-consuming activities, what would you remove?
- What are the top-three activities that I use to fill time to feel as though I’ve been productive?
- Learn to ask, “If this is the only thing I accomplish today, will I be satisfied with my day?”
- Put a post-it on your computer screen or set an Outlook reminder to alert you at least three times daily with the question, “Are you inventing things to avoid the important?”
- Do not multitask
He also covers topics like meetings, walk-in interruptions, and phone calls/emails, that I will not get into here.
Unrealistic
I am telling you this and you are hearing it from the most opportunistic, go-after-your-dreams, be-happy-with-what-you-do, shoot-for-the-moon guy. But this book is just plan unrealistic, and the fact that in the very first pages of the book he states that he does not recommend saving money makes it even more so. I picked this book up in the bookstore because of the appealing title, and let’s be honest, who wouldn’t want to work just 4 hours per week? But just because we work only 4 hours per week does not mean that we will be happy, or even doing the right thing.
I am currently not where I am meant to be career-wise. I am thankful for my job, but looking forward to doing what I want to do and what is my passion. But I do not know when that will take place; I do not know when I will step from where I am now to where I want to be. THIS IS NOT AN EXCUSE FOR ME TO QUIT EVERYTHING, TAKE OUT A FAT LOAN, AND START MY OWN VENTURE. There are times in life where you have to do what you have to do. Finding “a new boss or becoming an entrepreneur” (p. 219) just because your current one would not give you Monday and Friday off is not a realistic excuse. Life is bigger than that, and if you’ll excuse the cliche, at some point you need to grow up.
(Take advantage of opportunities, move on to the next part of your life, do what you want to do, but only when the time is right. ) I’m finished preaching now, I promise.
Overall
I do not recommend this book to anyone who has not already created a firm value system for finances. If you have the mentality of getting rich quick do not read this book. I say that for your own good, not to hold you back (trust me, I used to pursue the quick money all the time a few years ago). If you have not saved any money, do not read this book. Again, I’m not holding you back, but trying to steer away from material that may sink you deeper into debt.
If you are safe in your finances and want to hear stories from another man who has made his millions (and maybe spent it already on all that wine 
) then feel free to pick this book up. From a story point of view, it is an interesting read. His lifestyle is not for everyone, but it is entertaining.
Larry Burkett's "The Complete Financial Guide for Young Couples"
I have to say I was surprised by this book. Although I am interested in finances I have never been drawn to financial books. I ended up reading this book for the simple reason that it was a gift. It turned out to be a very interesting and easy read. The book is broken up into four parts: 1.) developing a short range plan, 2.) critical family issues, 3.) children’s finances and 4.) ten keys to successful investing. Although the book is geared towards young couples, I think it would also be appropriate for older teens and any couple creating a budget for the first time.
This book provides a wonderful overview of financial topics as well as relational problems that can creep up if money is poorly managed. Some of the areas that are discussed include: money in a marriage, credit cards, creating a workable budget, insurance, inheritance, retirement, training children and investing.
I would say that the overall theme for the book would be using good judgment and wisdom when it comes to your personal finances. The author stresses points like living within your means and planning for your future. It’s such an important note especially when our culture teaches just the opposite.
There are a number of positive points about the book. First of all, it’s basic and easy to understand. This book takes you back to the beginning, where you learn how to balance a checkbook. The author makes sure you understand the basic principles of money before diving into topics such as retirement and investing. Second, it’s practical. You are given down to earth advise that you can take and apply to your own life. It’s not a bunch of accounting jargon where only accountants can understand it and can use it. Thirdly, it reaches a broad spectrum of topics. I think this is great because I know very little about investing. It was a good overview that didn’t leave me feeling overwhelmed. It’s particularly useful if you are looking to invest but don’t have a clue where to start. This could help to point you in a certain direction.
There are two things that are important to point out. The first one is that it was originally published in 1989. When the author gives percentages and statistics it’s important to keep that in mind. Take it with a grain of salt. The second is that it was written by a Christian financial adviser. I know this fact may turn some people off but I encourage you to read it no matter what religious beliefs you hold. There are so many great lessons to learn from this author. He had spent numerous years counseling couples and individuals on how to get out of debt and manage their finances. He shares a number of stories from those people that really add a personal dimension to the book.