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The Best of Tim Ferriss

Posted By damien on December 15th, 2010

Tim Ferris

(image courtesy of The Next Web)

Ever heard of the term “lifestyle design”? How about the “deferred-lifestyle plan“? These are both terms coined by Tim Ferriss, a man on a mission to upend the way we look at work and life in general.

Tim Ferriss is the prolific author of the The 4-Hour Workweek, a #1 bestseller on The New York Times, The Wall Street Journal and BusinessWeek book lists. The book challenged the way I look at work-life balance and entrepreneurship. I have written about it a few times previously.

Tim runs a blog at fourhourworkweek.com/blog/ which showcases his “experiments in lifestyle design”. His posts are always interesting and often applicable. Many are written by Tim himself, but he also has a wide array of guests post on their areas of expertise.

Here are 6 of my favorite posts, either from Tim or his guests. Each one of these has challenged my assumptions about the status quo and made me reevaluate the way I live my life.

How It Works: Clinton’s “Reality Distortion Field” Charisma

Super-insightful post about interpersonal skills, specifically the power of eye contact. The guest author presents Bill Clinton as the master of eye contact and uses a clip from the 1992 presidential debates to make his point.

Watch the video on mute and you’ll see how much Clinton owned that debate by using eye contact and charisma.

From CEOs to Opera Singers – How to Harness the “Superstar Effect”

Tim’s guest in this post uses Pavarotti to illustrate the outsized gains that can be realized when one is recognized as the best in their field. He also shows how a high-school graduate with mediocre grades and test scores got into Stanford by using the superstar effect.

Read the post and look for areas at your workplace or in your social circles where you can stand out as the superstar.

The Psychology of Automation: Building a Bulletproof Personal-Finance System

Ramit Sethi, one of my favorite personal-finance authors, makes a guest appearance on Tim’s blog with this massive, informative post. Ramit unpacks the psychology behind personal finance and ways to trick our brains into winning with money.

Its full of sweet diagrams and the best part comes at the end: a 12-minute video outlining exactly how to automate your finances by circumventing your behavior. A must-read.

Cold Remedy: 18 Real-World Lifestyle Design Case Studies (Now It’s Your Turn)

Tim sent out a request for videos from anyone who had used principles from his book to create a small business, free up their time, and live a fuller life. He received tons of submissions and posted 18 of his favorites on his blog.

I like the guy who combines investing in gold bullion with fashionable belts. Fun idea.

Engineering a “Muse”: Case Studies of Successful Cash-Flow Businesses

Tim showcases 4 entrepreneurs that created their “muses” using the principles from The 4-Hour Workweek. A muse, in Tim’s words is “a low-maintenance business that generates significant income.”

The products are high-fidelity ear protection, foldable pedicure sandals, shampoo for thin hair, and snowboarding-specific boot insoles.

I love these posts because they give an inside view of running a very small business.

Engineering a “Muse” – Volume 2: Case Studies of Successful Cash-Flow Businesses

Edition two of Tim showcasing of successful entrepreneurs who followed his model.  The products shown are a laptop stand, butterfly repellent (funny idea), and a time-tracking service.

In addition to Tim’s awesome blog and book The 4-Hour Workweek, he just released a new book titled The 4-Hour Body. I can’t wait to read it.

Posted in Business, Interpersonal Skills, Selp Improvement
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DMM: How to Write an Ebook That Doesn’t Suck, in 14 Days or Less, the Smart Way

Posted By damien on April 19th, 2010

Welcome to Digital Manna Monday.  Here I share digital manna: online gifts of illumination and enlightenment.

This week we look at several top-notch resources for writing ebooks (or eBooks or e-books, I’ve seen all three).  An ebook is an electronic book, usually published in pdf format.  It allows normal people to delivery quality information to the masses.

Below are four resources I used to write my first (free) ebook, The Minimalist Guide to Investing.  I combed through tons of websites looking for the best information on ebook brainstorming, writing, publishing and selling.  These were the cream of the crop:

1)  How To Create an ebook & Sell It In 14 Days Or Less

From Entrepreneurs-Journey.com.  A very long, in-depth look at one blogger’s ebook development process.  He walks through every step: finding an idea, finding a market, writing, the technology involved, and distribution.  A very handy resource.

2) The Simple Guide to Making Money Online

From Everett Bogue at Far Beyond the Stars. Another long, detailed post about ebook creation.  Though it is about ebooks specifically, Everett begins more generally by talking about making money online.

He discusses the mentality needed and gives the kick-in-the-butt motivation to help you believe it is possible. Then he walks through six steps to building an online platform for making money.  No gimmicks, just clear instruction for the work necessary to make it online.

3) How to Write an Ebook that Doesn’t Suck

From Michael at Remarkablogger.  Michael knows this plain fact: most ebooks suck, especially the free ones.  He goes over picking a topic that works, writing to teach your audience, and how to package it attractively.  One of the most helpful sections is on pricing, which can be very difficult to figure out.

4) eBooks The $mart Way

From Pat at SmartPassiveIncome.com.  I saved the best for last.  What better way to teach how to write an ebook than by offering an ebook on the subject?  Pat’s free, 35-page ebook is chock-full of relevant information on all aspects of creating and selling ebooks.  This is the ebook writing Bible.  There’s so much info, I’m still working through it.

In order to get the free ebook, sign up for Pat’s newsletter, which is also a great resource for building income streams online.  No, I’m not getting compensated for promoting this, I just think it is an awesome guide.

That’s it for this week.  Have any great links you would like me to share next time?  Shoot me an email at damien[at]bitesizeidea[dot]com

Posted in Business, Technology
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DMM: Cheap High-End Clothes, Deodorant Delivery, and Money Mind Games

Posted By damien on April 12th, 2010

Anchors in the sand

Welcome to Digital Manna Monday.  Here I share links to some of my favorite online happenings from the past week.  They could be news articles, blog posts or cool new services.

Whatever they may be, they’re all digital manna: online gifts of illumination and enlightenment.

1) Gilt

Gilt is an online retailer of high-end clothing. From their website:

Gilt Groupe provides access, by invitation only, to Men’s, Women’s and Children’s coveted fashion and luxury brands at prices up to 70% off retail. Each sale lasts 36 hours and features hand selected styles from a single designer.

Did you catch the part about it being invite-only?  I was lucky enough to be invited in several months ago and here I am sharing invitations with you.

In the interest of full disclosure, I have never (yet) bought anything from Gilt; I can’t justify spending over $100 on a shirt.  But don’t let me stop you from spending copious amounts on clothing!  Take my invitation and have a look around.

2) Alice.com

Alice.com is really cool.  It’s an online seller of “home essentials”, offering free shipping and, if you so desire, scheduled shipments. From their website:

Alice provides you a better way to manage all of your household essentials online. You tell Alice what you buy—choosing from great deals on 1000’s of products—and Alice goes to work. We organize all of your products, find coupons and deals for you, remind you when you might be running low, and help you order just the items you need so you can avoid that trip to the corner drugstore or the big-box store. And all this convenience comes direct to your door with free shipping included.

My wife and I love this service.  You can browse by room, price, or discount.  Shipping is fast (at least it was for us).  Heck, if you can buy books, music, and cars online, why not toilet paper and deodorant too?  After setting up your cart and scheduling shipments, Alice.com will save you trips to the grocery store.  Here’s an invitation to join.

Two Awesome Articles on Price Anchoring

I absolutely love articles about money and psychology.  Personal finance is more about emotions than just numbers. So this week I was really digging two articles that came out about price anchoring.

Briefly, price anchoring is the mental assigning of values we give to products.  Marketers are only too happy to set the anchor for us, and then tell us how much of a “deal” we’re getting.

MSRP (Manufacturer’s Suggested Retail Price) is an example of setting a price anchor.  After setting the anchor, the retailer then sets the actual price lower, making us think we’re getting a great deal.

3) What to Do When People Just Aren’t Buying Your Product

The first article, from Erica Douglass at erica.biz, talks about price anchoring from the seller’s perspective.  She offers some tips for struggling marketers on how to set the anchor.  Very informative post with good examples.

4) Price Anchoring, Or Why a $499 iPad Seems Inexpensive

The second article, from Mint.com (a financial service I highly recommend), starts with an example of how Steve Jobs used price anchoring to make the iPad launch one of the most successful ever in the consumer electronics industry.

This was one of those articles where I hit myself on the forehead and said, “Dang! I wish I had written that!” It concludes by showing how price anchoring leads us to buy junk we don’t need, and how to combat it.

That’s it for this week.  Have any great links you would like me to share next time?  Shoot me an email at damien[at]bitesizeidea[dot]com

Posted in Business, Technology
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The Johari Window: Almost Jedi Mind-Control

Posted By damien on March 31st, 2010
Young Jedi Padawan

image courtesy of turoczy

Time for another big idea in a bite-size portion.  Some would say that an honest person, a person with integrity, will act the same no matter the situation. But I believe that someone can be the same person, can be their authentic self, and still act differently depending in their situation.

I agree that a person with integrity will be honest in all situations, but I don’t think someone has to act the same in every situation.  Do you act the same way around your in-laws as you do with your guy or girlfriends?

Probably not. In fact, I’m going to propose that in order to succeed in business and personal interactions, you need to adjust your behavior based on the audience.  A person who is the same to all people will fail.

Let me explain.

The Window to Your Soul (oooh…ahhh)

I’m going to assume you are pretty relaxed around your pals but clean up your language around the mother-in-law.  In fact, you probably don’t tell the same jokes in both settings.  What you may not know, is that by adjusting your behavior based on the situation, you are implementing a “sophisticated” psychological model called the Johari Window.

The Johari Window basically states that we each have a window of “openness” somewhere along the scale of complete introvert on up to uninhibited extrovert.

An Accountant and Car Salesman Walk Into a Bar…

If we want to take business stereotypes, an accountant would generally have a more closed Johari Window, meaning they were less open to unknown people or situations.  A sales rep on the other hand, would have a wide open window, sharing all sorts of personal information with new acquaintances.

I say that successful communication in business and personal settings depends on our ability to adjust our Johari Window to our audience.  If we open it wide up around some accountants, we will make them feel uncomfortable and probably stifle the conversation.

On the other hand, if we keep it closed at a meeting of sales reps, they will probably think us a bore and move on to more interesting conversation.

One thing to keep in mind is that our Johari Windows are not fixed throughout the day.  They are naturally more open around our best friends and at home.  They close a bit when we’re around new people or in unfamiliar territory.

Use the Force, Luke

Here are a few pointers when trying to assess another’s Johari Window:

  • How loudly do they talk?
  • How close are they standing to you?
  • How expressive are they? Do they keep their arms folded or talk with their hands?

By adjusting your actions to match your audience’s window, you will put them at ease and further the conversation.  Your business meetings will run smoother and you will make friends faster.

Now don’t say I never taught you the ways of the Jedi.

Posted in Business, Interpersonal Skills
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4 Ways to Stay Awake During Boring Meetings

Posted By damien on March 11th, 2010

Tired Man

Boring meetings can happen anywhere: work, school or even church.

I am only in my mid-twenties, but have sat through countless boring meetings. This post is a collection of methods I use to stay awake and moderately attentive when meetings get tedious.

Lift a Leg

I learned this one from the CEO of a venture capital firm who has seen more than his fair share of boring meetings. Whenever he gets sleepy, he lifts one of his feet an inch or so off the floor. This method really works! The attention required to keep your foot elevated fights off droopy eyelids and jaw-cracking yawns.

One note of caution:

It’s best to have a table or other object in front of you, otherwise it looks a bit strange to have your foot hovering in the air.

Chew on Something

Most of these suggestions involve some sort of movement and this one involves your mouth! Mints and gum are great things to put in your mouth to keep you awake. The chewing action and the cool minty flavor do wonders to keep your eyes open.

Another note of caution:

This method is recommended only if you have a passive listening role in the meeting. Many people consider chewing on something while speaking to be rude and unprofessional.

Get an Attention Buddy

When my wife gets bored, she fidgets. If I’m with her, she decides to bother me by flicking, pinching, poking or otherwise keeping me awake. I don’t think her purpose is to keep me awake, but it works that way! Find someone to be your attention buddy and keep each other awake during boring meetings.

The Yoga Breath of Fire

I’ve been practicing yoga for a few years now and love how it helps me reduce stress and relax. Yoga practitioners employ several breathing exercises to relax and/or energize the body. The breath of fire is one of the easiest breathing exercises for increasing energy and focus.

Basically, it is a rapid, constant breath that works the lungs and diaphragm. The breath of fire floods the body with oxygen, which keeps you alert during boring meetings. Follow this link to yogayoga.com (scroll down to the “breath of fire” section) for detailed instructions on the breath of fire technique.

How do you stay awake during boring meetings?

Posted in Business, Selp Improvement
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How to Ask Great Questions

Posted By damien on March 9th, 2010

Asking Questions

I’m taking a short break from financial posts and exploring other topics.  This post will help you ask better questions in teaching, business and personal settings.

Everyone asks questions, and for many different reasons.

An effective teacher uses questions to see if his student understands, accepts, and applies what is being taught.  A great salesperson asks questions to see if her customer is willing to buy and to determine their objections.  An effective “networker” asks questions to develop business relationships.

Through my experiences, I have come across three different types of questions that we use.  Each category is useful for different reasons.  These types of questions, from least to most effective, are as follows:

  1. Factual questions
  2. Reasoning questions
  3. Emotional questions

Let’s look at each category and see how effective they are.  We’ll apply these questions to teaching situations, but they can easily be modified to work for salespersons and networkers.

Factual Questions

Example: “In what year was the Declaration of Independence signed?”

These questions are used primarily to see if the student is paying attention and understands the lesson material. Factual questions do not evoke much thinking or feeling on the part of the student, but require a mere recitation of what the teacher has already stated. Factual questions are not open-ended, the answers are usually objective, and many times there is only one correct response.

Reasoning Questions

Example: “Why was it necessary for the States to declare independence from England?”

Reasoning questions are the next level up in quality. These questions require more critical thinking on the part of the student than do factual questions. These are used by the teacher to see how well the student understands what is being taught, and whether or not the student accepts it. Answers to these questions are more subjective, they include more of the student’s opinion than do answers to factual questions.

A student, in answering the example question, could follow a couple different paths of reasoning. Perhaps the student does not believe the US should have broken off from England. If so, then the student would answer that it not necessary.

On the other hand, if the student does believe in US independence then she would respond with various reasons as to why.

Reasoning questions are a great way to see if the listener understands and agrees with what you are teaching.

Emotional Questions

Example: “How is your life different because of the American Revolution?”

This is the best type of question. Emotional questions cause the student to tie the material being taught to his or her own life. When learning, students love to ask, “What does this have to do with real life?” When a teacher uses an emotional question, the students discover the real-life application for themselves! To answer an emotional question, the student must link the information being learned to personal experience.

Emotional questions start with a premise (sometimes called “begging the question”) and cause the student to work from that premise to apply the material being learned. The premise in the example question is that the American Revolution had some impact on the life of the student.

If the example question were made instead into a reasoning question, it would go something like this: “Has the American Revolution had any impact on your life?” The difference between the result of a reasoning question versus an emotional question is evident in these two preceding examples.

Better Questions = Better Answers

Every teacher’s dream is to have students who understand, accept, and apply what is being taught.

By using factual questions, the teacher learns if the student is paying attention and understands the material. Answers to reasoning questions show a deeper understanding and acceptance of the information.

The best questions of all, emotional questions, help the student make personal applications of the concepts being taught. By using these three types of questions, teachers will become more effective in instructing and inspiring their students.

So…how do you use questions?

Posted in Business, Interpersonal Skills, Selp Improvement
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