“$1,000,000 in the bank isn’t the fantasy. The fantasy is the lifestyle of complete freedom it supposedly allows.”
Tim Ferriss wrote ‘The 4-Hour Work Week’ for all those tired of postponing their life until retirement, who instead want to live life large and in the moment, right now. He introduces a new way of living that he calls the New Rich. Instead of having millions sitting in the bank, all you need to be truly rich are cash flow and mobility.
The process of becoming a member of the New Rich is what is known as DEAL. Here’s an overview of the 4-step “DEAL” process that Ferriss recommends.
D for Definition
Define your goal in this life and estimate its cost. In this stage, you will envision the fundamentals of your entirely new lifestyle. Then, you’ll add the remaining three ingredients.
E for Elimination
What do you need to eliminate? Your old mindset about time management. In other words, you should escape the office. Once you define your goal and you understand how much money you need to make it happen, you’ll find the source of that income. The source won’t be the work in the office.
Remember: your goal is not building a multimillion-dollar empire. It’s about living a stress-free life that lets you experience the most of it.
A for Automation
For this part, Ferriss teaches you how to put cash flow on autopilot. Implementing the previous two steps should provide you with a stable income and tons of free time. What do you do with it? In other words, you get to the tricky what’s next? stage. Ferriss suggests traveling.
L for Liberation
“The mobile manifesto for the globally inclined” – that’s how Tim Ferriss defines liberation. He suggests a concept of mini-retirements. The lifestyle of mobility is not about cheap travel. That can get boring. Ferriss recommends you to start thinking about more important things, such as the purpose you have in this life and the value you can bring to other people.