The 4 Hour Work Week - no middle ground here

When it comes to Tim Ferriss, there seems to be no middle ground. People either love him, or detest everything he propounds.

Consider this comment in this blog from Mike:
I can see from your sidebar that you're reading the 4HWW. Please, save yourself the time. Tim Ferriss is, in my opinion, a digital snake oil salesman and his book is the worst kind of vague, bombastic hype.

I do see Mike's point. Each time I read a chapter of the book, I can't decide if Tim Ferriss is doing an infomercial, or if he really has figured out a few things the rest of us haven't. (More on that later.)

I did find one level-headed review is Charles Broadway's blog C. In the post titled "Is Tim Ferriss A Scam Artist?"

Charles writes:

The only person who can live the Tim Ferriss lifestyle is Tim Ferriss, but the value of his book and blog comes from his zany way of looking at problems and all the ideas you get from his lifestyle experiments. He is a lifehacker extraordinaire.

The entire post is quite good, and Charles is full of ideas and sentiments I agree with.

So here's my own take on the 4HWW:

I actually got quite a bit from the book, especially in terms of different perspectives. 4HWW is also full of great resources for marketing, especially if I ever dabble with an internet business of my own. In a sense, Ferriss is like Jacob of Early Retirement Extreme. These guys hold such extremes of their points of view and with such utter conviction that they force us to re-evaluate our opinions. It is good to be jolted like that from time to time.

What I don't like about Ferriss is that he mocks the timid and the conservative. Surely, he knows that his ideas are not for everybody.

Plus, I actually got the entire 4HWW as an e-book for free in some promotion that Ferriss did. (Wired magazine named Ferriss the self-promoter-of-the year!) I recommend that people check out the book (search the web for a free copy of the e-book) and decide for themselves.

Measurements that mislead

After reading this article by Jonah Lehrer, I wonder if perhaps I have been placing too much faith in metrics and measurements.

In most jobs there seems to be no clear way to measure the truly high performers versus those who are lucky to be at the right place. When I worked a corporate job, I would often wish that all employees could be assigned objective performance ratings (something akin to the Elo chess ratings instead of the subjective ratings that their supervisors give.)

I know of several people (myself included) who can raise their performance when they know that they are being observed and evaluated. Even so, Lehrer's article in WSJ is enlightening in the one main point it makes: That it is important to distinguish between "maximum performance" under staged conditions and long term "typical performance."

Maximum performance has its place, but when it comes to ourselves we should be focusing on our typical performance.

Here's the link to the article.

That's Enough

One of the most difficult decisions to make in the context of retirements or scaling down is to know if what one has is enough. I know first-hand that these doubts never go away. There are always scenarios in which the savings seem inadequate.

In light of that, I really liked this poem by a favorite writer of mine – Kurt Vonnegut. (I found the poem in Bob Sutton's blog, Work Matters)

It's a small poem that appeared in the New Yorker back in '05. I am posting it in full.

Joe Heller

True story, Word of Honor:
Joseph Heller, an important and funny writer
now dead,
and I were at a party given by a billionaire
on Shelter Island.
I said, "Joe, how does it make you feel
to know that our host only yesterday
may have made more money
than your novel 'Catch-22'
has earned in its entire history?"
And Joe said, "I've got something he can never have."
And I said, "What on earth could that be, Joe?"
And Joe said, "The knowledge that I've got enough."
Not bad! Rest in peace!"

--Kurt Vonnegut

Eudaimonic Well-Being as opposed to Happiness

Here's a short article in WSJ that makes a distinction between Happiness and "Eudaimonia."

From the article:

The pleasure that comes with, say, a good meal, an entertaining movie or an important win for one's sports team—a feeling called "hedonic well-being"—tends to be short-term and fleeting.

Researchers have found those with greater purpose in life were less likely to be impaired in carrying out living and mobility functions, like housekeeping, managing money and walking up or down stairs.

A lot of it is common-sense, but it is good to remember that these two are related but quite different. The full article is here. Thanks to Sateesh for the pointer.

Another Perspective on Stability

Stability in our lives is something that most of us intuitively seek out. Mr. Kukunoor, it turns out, has a very different perspective on stability.

Nagesh Kukunoor was a featured speaker in IIT Madras at this year's Saarang festival (2011). He narrated the story of how he came into movie making. He was working in Atlanta, GA, as an environmental consultant, leading a comfortable life. However, he harbored this lifelong desire to make movies though he had no training in it whatsoever. Mustering up courage he quit his US job, sold off all his stuff and moved in with his parents in Hyderabad, India. Using his own savings and his credit cards, and with a lot of assistance from both his parents he wrote and shot the movie "Hyderabad Blues." After starting out slow, the movie really caught on and Nagesh Kukunoor made a name for himself as a director.

Based on his own experience, Nagesh Kukunoor came to believe that stability (and the comfort that a regular paycheck brings) works actively against those who want to pursue their passions. He believed in this so strongly that he named his own production company SIC – which stands for Stability Is a Curse. He has gone on to make around a dozen movies under this banner.


PS – In that talk, Nagesh also narrated the story of trying to get Hyderabad Blues sold. India's Star TV expressed interest in the movie. Nagesh who had run out of money once the movie was made, and was headed back to the US asked for Rs. 2 lakh, which is quite a small sum. But Star TV refused to pay that and Nagesh dropped the asking price to Rs. 1 lakh. The network again refused and in desperation Nagesh said he'd settle for 0.5 lakh. The network wouldn't even pay that. In the next few weeks, the movie got picked up by a couple of international film festivals. Within months, Star TV came knocking and paid Nagesh Rs. 50 lakh (100 times his last asking price) for the rights to broadcast it.

The Early Retirement Dilemma in One Sentence

Barbara Ehrenbeck in her book Nickel and Dimed (a good read) raises the question of why she gave up her job and proceeds to answers it herself.

I treasure the gloriously autonomous, if not always well paid, writing life.

It can't be stated more succinctly than that.
Choose only one: a) Autonomy or b) a good salary.

How An Economy Grows, and Why it Crashes

My friend Kalyan liked the book "How an Economy Grows, and Why It Crashes" so much that he bought 4 copies, and gifted one to us. That's how I came to know about and read the book.

If someone had told me that any author could explain the differences between "Keynesian ideas" and the "Austrian school" to any lay person, I'd have been highly doubtful. But the Schiff brothers do it, in the first 3 chapters of this highly readable book.

Peter D Schiff is an investor with a great understanding of economics. Let's assume that 1 in 50 people work as teachers. But only 1 among these 50 teachers is a master teacher. Only they have grasped the subject to such an extent that they can explain it to others with lucidity and simplicity. Peter Schiff is one such teacher.

This book has much going for it. It is a book presented as one ongoing allegory. If you have read "The Richest Man in Babylon" or "The Wealthy Barber" you know the kind. This book follows that storytelling tradition.

The story starts with 3 guys (Able, Baker and Charlie) stranded in an island where they have to catch fish by hand daily to survive. Each and every concept of trade and economics is built as these three become sophisticated in their economic dealings.

The authors build seamlessly from microeconomics concepts to grander topics in macroeconomics. Using examples of two larges countries (US and China, very thinly disguised) the authors play out several dire scenarios. In its criticisms, the book is hard-hitting and opinionated, and doesn't hold back.

The authors come down very strongly against holding on to US dollars. In a way, this book serves a personal wake-up call to me, because I don't own any tangible assets at all, and all savings are in paper US dollars, which Schiff feels has to fall prey to eventual inflation.

In each chapter, boxed "Reality Checks" are sprinkled on the side margins for extra clarity. "Takeaways" are given at the end of each chapter to reinforce the economics concepts introduced.

The book is a very easy read, and can be finished in one to two sittings. Everyone who is 15 or older should read this book. I can't think of any exceptions