The top 13 New rich Mistakes

Losing sight of dreams and falling into work for work's sake

Micromanaging and emailing to fill time

Handling problems your outsourcers or co-workers can handle

Helping outsourcers or co-workers with the same problem more than once, or with noncrisis problems

Chasing customers when you have sufficent cashflow to finance your non financial pursuits

Answering email that will not result in a sale or that can be answered by a FAQ or autoresponder

Working where you live, sleep or should relax

Not performing a thorough 80/20 analysis every two weeks for your business or personal life.

Striving for endless perfection rather than great or simply good enough, whether in your business or personal life.

Blowing minutiae and small problems out of proportion as an excuse to work

Making non time-sensitive issues urgent in order to justify work

Viewing one product, job or project as the end-all and be-all of your existence

Ignoring the social rewards of life

Definition

New Rich?

Movement

Options - the ability to choose - is real power

Living like a millionairDoing intresting thingsNot just owning..

Numer of W's

What you doWhen you do itWhere you do itWhom you do it

Thoughts

Retirement is Worst-case-scenario insurance

Interest and energy are cyclical Aim (book)2 months work1 month vacation/training - mini retirements

Relative income is more important than absolute income

Reset

Excitement is the more practical synonym for happiness

OUR GOALThe opposite of happiness is boredom

Questions

Ask What would excite me?

NotWhat do I want?What are my goals?

Boredom is the enemy, not some abstract "failure"

FEAR!?!

Define nightmare

Conquering fear = defining fearUncovering fear disguised as optimismThe absolute worst that could happen if you did what you are considering?

Repair? Most of the time easy!

The timing is never rightAsk for forgiveness, not permission

Costs? financially, emotionally and physically - to postpone action?

Correcting course: Get unrealistic

Doing the unrealistic is easier than doing the realistic

Everyone goes for safe leaving unreasonable open Do not

Overestimate competitionUnderestimate self

Over reaching inspires and adds adrenaline rushThe fishing is best where fewest go

DreamliningLike goal setting with key differences

The goals shift from ambiguous wants to defined stepsThe goals have to be unrealistic to be effectiveactivities that will fill the vacuum created when work is removed. Now its your turn to think big

DREAMLINING

Questions and Actions

1. What would you do if there was no way you could fail? Create 2 timelines

6 Months12 Months

List up to 5 things

SUSPEND JUDGEMENT

Having

carsclotheshouse

beingfluent Chinesebeing a great cook

doing

Visiting Thailandracing ostrichesetc

2. For all their bitching about what's holding them back most people don't know what the hell they want

What would you do day to day if you had $100m in the bankWhat would make you most excited to wake up in the morning to another day?One place to visitOne thing to do before you die (a memory of a lifetime)one thing to do dailyone thing to do weeklyone thing you've always wanted to learn

3. What does being entail doing?

Convert each being into doingGreat cook ----> make Christmas dinner without helpSpeak Chinese ---> Have a five minute conversation with a Chinese co-worker

What are the four dreams that would change it all Highlight most exciting or important

Determine the cost of these dreams and calculate your target monthly income for both timelinesDetermine three steps for each of the four dreams in just the 6 month timeline and take the first step now

Elimination

New rules

Time management - forget about it

Effective vs efficient

Truisms

Doing something unimportant well does not make it importantRequiring a lot of time does not make a task important

Paretos law 80/20 Which 20% of sources are causing 80% of my problems and unhappiness?Which 20% of sources are resulting in 80% of my desired outcomes and happiness?

The 9-5 illusion and Parkinson's Law

Work expands so as to fill the time available for its completion.Limit tasks to shorten work time (80/20)Shorten work time to limit tasks to the important (Parkinson's)Am I being productive or just active?Am I inventing things to avoid the important?

Questions and Actions

If you had a heart attack and had to work two hours per day what would you do?If you had a second heart attack and you had to work two hours per week what would you do?If you had a gun to your head and had to stop doing 4/5 of different time-consuming activities, what would you remove?What are the top-three-activites that I use to fill time to feel as though I am productive?Learn to ask "if this is the only thing I accomplish today, will I be satisfied with my day?

The Low Information Diet

Develop the habit of asking yourself, "Will I definitely use this information for something immediate and important?"

Less is not laziness Focus on being productive instead of busy

Don't read newspapers or watch the news

Information is usually

irrelevantunimportantunactionable

The not to do list

Interruption and the Art of Refusal (SAYING NO)

Be too hard to approach or too time consuming to not give what I want Cubicle is your templeDo not disturbHeadphones

Batch tasks together

Not all evils are created equal

Time Wasters Ignore without consequence

MeetingsDiscussionsPhone CallsEmails

Time consumers

Repetitive tasks or requests that need to be completed but often interrupt high level work.Reading and responding to emailsMaking and returning phone calls

Customer servicestatusproduct assistance

Financial or sales reportingPersonal errandsall necessicary repeated actions and tasks

Empowerment failures

Where someone needs approval to make something small happen.

lost shipmentsdamaged shipmentsmalfunctionsCustomer contactcash expenditure

Time Wasters: Become an Ignoramus

Email

Turn off automatic send/receiveTurn off visual and audible alerts on email programs

Check email twice per day Beg for forgiveness, don't ask for permission

Never check mail first thing in the morningCreate template to auto-respond showing your new rulesMove to once per day as soon as possible

Phone Two numbersOffice

Non-urgentSilent

Goes to voicemail Script mirrors

Cell Urgent

Master the art of refusal and avoiding meetings

Order of preference

EmailPhoneMeeting

Respond to voicemail via email if possibleTrains people to be concise

Emails should be streamlined to eliminate

chitchatback and forthif....then

Meetings should only be held to make decisionsNot to define the problem

If unavoidable: define the end time

max 30 minutes

Puppy dog close

Automation

Outsourcing Life

Keep in mind

Pitfalls

Accepting the first person the firm provided and making no special requests at the outset

Ask for someone with excellent English

Specify telephone calls required

Giving imprecise directionsGiving license to waste time

Setting the deadline too far away - use Parkinson's lawGiving too many tasks and not setting an order of importance

Two rules

Never use debit cards for online transactions with VA

Create separate login for VAEliminate before delegate

Get an assistant even if you don't need one

What should you delegate?

Each delegated task must be both time consuming and well defined

Start small and think big

look at your todo list- what has been sitting on it the longest

Identify your top 5 time consuming non-work tasks and five personal tasks you could assign for sheer fun

Each time you are interrupted or change tasks ask, "Could a VA do this"Examine pain points - what causes you the most frustration and boredom

Don't expect miracles or too littlePush outside your comfort zone

Finding the Muse

Step 1: Pick an affordably reachable niche market

Start small, think BIG

Groups

Socialindustry

Professional

orbelong

understandLook creativly

Compile list

past presentgroupsbooks

subscriptionsonlineoffline

"what groups of people purchase the same?""Which magazines, websites, and newsletters do you read on a regular basis?

Which of the groups have their own magazines?

get rate cardscheck for repeat ads

Filling demand is easier than creating it

Step 2: Brainstorm products

Brainstorm (Do not invest in) products

Pick two markets you are most familiar withHave their own magazines

Full page advertisements less than 5kNo fewer than 15000 readersGoal to come up with well formed product ideas and spend nothing

Product criteria

The main benefit should be encapsulated in one sentenceIt should cost the customer €50-200

It should take no more than 3-4 weeks to makeIt should be explainable in a good online FAQ

Types of products

Resell

Licenseintensive

Margins are good

Create your own

Information products

Expertise

Questions

Testing the Muse

Step 3: Testing the museDon't ask if they will buy

Ask them to buy

MicrotestingGoogle Adwords

PPC

Basic testing

BestSimple landingspageAIDA

Buy buttonOut of order

TestTest the offer using short google adwords advertising campaigns.

Disable the feature that serves only the best performing ad.

MBA - Management by AbsencePhases

Phase 1

Do it all yourself0-50 total units sold

Put number on site for general questions and order takingHelpful for FAQ

Pack all orders to determine best/cheapest methodLook at merchant account with bank or Paypal

Phase 2

>10 units per weekAdd FAQ

Continue to answer common questions

Find local fulfillment companies

Get discount on startup costsLeverage against advertising for future sales

Get three client references30 day terms

Contract manufacturer - get them to ship direct after this has been worked outPut the fulfillment house email address on the site - or forward one from own domain to it.

Phase 3

>20 Units Shipped per week

Cash flow to make better decisions re setup costs and monthly minimums

Removing Yourself from the Equation: When and How

Contract outsourcing companies that specialise in one function not freelancers

Ensure all outsources are willing to communicate among themselves to solve problems

give them written permission to make the most inexpensive decisions without consulting you first.

>100 at start> 400-500 after a while

The art of undecision: Fewer options = more revenue

Do this

Do not accept payment via Western Union, checks or money orders

Raise wholesale minimums to 12-100 units and require a tax ID number to qualify resellers who are real businesspeople not time-intensive novices

Offer low-priced products instead of to capture contact information for follow up sales.Free attracts time-eaters

Offer lose-win guarantee instead of free trials.

"Delivered in 30 minutes or less or it's free!"

Make your customer base an exclusive club and treat the members well once they've been accepted.

Those who complain the most spend the least

How to look Fortune 500 in 45 minutes

Don't be the CEO or founderPut multiple e-mail and phone contacts on the websiteSet up an interactive voice response (IVR) receptionist

Do not provide home addresses

Liberation

Embracing the mobile lifestyle

The birth of mini retirements and the death of Vacations

The Financial realities: Abroad is mostly cheaper

take it in stepsTake short experimental trip first

Take language classes

Tips

Cheaper airfares

Credit cards with pointsBook at least 3 months in advance

OR try booking last minute

Useorbitz.comkayak.com

Fly major carrier into a hub and a local to wherever

Small Backpack:KISS > SMALL

When more is less: Cutting the clutter

One week of clothing

T shirts1 shorts

pair of jeansBackup scans of all important documents

Debit cardsCredit cards

€200 of local currency in small billsSmall bike lock

Electronic dictionariesOne broad strokes travel guide

40 liter backpack should be enough!

Questions and actions

Fear set a one-year mini-retirement in a dream location in Europe

Use questions from chapter 3 to evaluate your worst case scenario fears and evaluate the real potential consequences

most will be avoidablethe rest will be reversible

Choose an actual location for your actual mini retirement. Where to start

aChoose a starting point and then wander until you find your second home.

bSelect a region and then settle in your favourite spot.

Suggestions

Prepare for the trip

Three months outELIMINATEWhat is the 20% of my belongings that I use 80% of the time.

Which belongings create stress in my life

Two months outAUTOMATE

One month outMail forwarded

Two weeks out

Scan documentsDowngrade cellphone

Get hostel or hotel

NOT LONG TERM LEASE BEFORE YOU GO

Hostels are best for informationHealth insurance

1 weekDecide schedule for routine batched tasks

2 days outStore car

Disconnect battery

Arrival

First morning after checkinBus tourBike tour

First late afternoon or eveningCellphone

Day 2 and 3Find and book an apartment for a month

Move in day

Get settledLocal health insurance

Don't get souvenirs

one week laterEliminate the extra crap you brought won't use often

Filling the void: Adding Life after subtracting work

Postpartum depression

I've got more money and time than I ever dreamed possible....why am I depressed?

Social interaction in an office needs to be replacedDoubts invade the mind when nothing else fills it

Proven sequence for getting started

Revisit ground Zero: Do NothingMeditation

Make an anonymous donation to the service organisation of your choice

Take a learning mini-retire-ment in combination with local volunteeringBrainstorm

What makes you most angry about the state of the world?

What are you most afraid of for the next generation, whether you have children or not?

What makes you happiest in your life? How can you help others have the same?

Revisit and reset dreamlines

What are you good at?What could you be the best at?

What makes you happy?What excites you?

What makes you feel accomplished and good about yourself?What are you most proud of having accomplished in your life? Can you repeat this or further develop it?

Based on the outcomes of steps 1-4 consider testing new full or part time vocations

Create dream occupationnot work

something to do that is worthwhile

The Point of it all

To experience life

To learn is to live

Learn SkillLearn Language

Volunteering