Tim Ferriss’ Productivity Video

Tim Ferriss is the author of the book “Four Hour Work Week”. Based on the reviews I’ve read on the internet about it, he redefines what it means to be productive. As a life-long procrastinator, when I first heard about the book, I planned on getting it…someday. It’s not that I don’t think I need a book on productivity. It’s just that I didn’t think it would teach me anything more than that the other gazillion books on productivity out there.

But a link to this video starring Tim Ferris was forwarded to me via email and I have to say that it convinced me to get off my tush and buy the book. The video is worth watching but if you are short on time, I’ve taken the liberty of highlighting the main points.

Tim starts off with a great point. “Income has no value without time.” He is absolutely right. A lot of people find themselves in a situation where they are making five, six and even seven figures but they are unable to enjoy their wealth because their lives are so consumed by work. Tim gives three tips to help us all get on the right track towards true financial freedom.

He begins by talking about Pareto’s Law. Pareto’s Law simply states that 20% of your activities will produce 80% of your outcome. For instance 80% of your business will likely come from 20% of your customer base. Therefore it is important to identify and focus on those necessary tasks that produce the majority of your outcome. Everything else should be delegated to trusted helpers.

The second point he makes is that we are doing ourselves a disservice by trying to keep up with the latest news. I currently find myself stuck in this trap. For the first time in my life I’m interested in politics. Crazy, I know. Every day I visit Google’s Blogsearch engine to see what else has happened in this soap opera called Election ‘08. Before I know it, two hours have passed and I’ve done nothing more than read ten blog postings about what she said about him and the rumors going around about her.

Tim emphasizes that when it comes to the “knowledge based economy”, performance is more important than presence. I can be “present” in front of my computer all day but if I’m not producing anything than that is time wasted. Tim stresses the importance of learning to let things wait and catch up when needed. Relearn the art of single tasking and focus on those things that are mission critical.

Finally Tim gives business owners a much needed wake up call. We often fall into the trap of thinking we can do it ourselves for free. This thought pattern is especially pervasive with new startups that don’t have a lot of cash to spend. In reality, that “free” project isn’t free at all. It actually cost us time, money and missed opportunities.

For example, say that you get paid $25 per hour and that it takes you four hours to clean your house. That’s a $100 and four hours of time gone down the drain (pun intended). If you hired a Merry Maid instead, even if the cost was $125, you’re really only out $25. Plus you’ve gained something more valuable than the money. Time. Money is a renewable resource. Time is not.

In order to make the most of your time and talents, outsource or delegate those tasks that contribute very little to the bottom line. Things like sifting through email or dealing with spam on your blog.

I highly recommend watching the video and for more great tips, visit his website.