Timothy Ferriss: The 4-Hour Workweek: Escape 9–5, Live Anywhere, and Join the New Rich - Expanded and Updated

I think more families will be taking mini-retirements and living slower, traveling digital nomadic lives. If you are away for months as a family, you need to be informed about all the wonderful educational opportunities which are actually richer than staying home (which few realize)!

There are a TON of fantastic resources like Classroom 2.0 and many innovative educators online. My daughter just turned eight and is having a blast with her online course with John Hopkins University/CTY and it is also a nice resource for friends. Today one can immerse deeply in one culture and still maintain one’s home culture. This is important information for families who still fear the outdated negatives on Third Culture Kids (TCK) based on studies from the fifties.

Maya Frost 91has excellent information about older kids and even a new paradigm when it comes to going to university. I think education is one of the things going through a total transition due to the Internet, and parents need this info to make important decisions.

We have had a fantastic experience in going to a local school in Spain that has allowed my child to immerse very deeply in her second language, culture, and literature. More info (in the book) on local schools is needed and how to experience it as a family for months at a time.

We have used local people like a wonderful flamenco teacher for our child and we have also used online sources like our piano teacher in Chicago who teaches our child in Spain via Skype.

E-libraries are very important (especially with a child who is a voracious reader). Http://learninfreedom.org/languagebooks.html is an excellent resource on language education with great books on raising a bilingual child, even if you are a monolingual!

—SOULTRAVELERS3 , a family living abroad and loving it

I graduated from Stanford University and started working in investment banking in July 2006, and, in a sick way, almost enjoyed it at first. Yes, it was a terrible lifestyle and all, but I was learning a lot and moving up very quickly. I have (had) a type-A personality, so it appealed to me on some level.

As the year progressed, though, I realized it wasn’t sustainable and that I wanted out… but like so many other people, I failed to take action immediately.

In May 2007, I was driving home at 3 A.M. one night after having pulled 4–5 all-nighters previously, and crashed into a tree on the side of the road. If you’ve never crashed into an inanimate object while asleep at the wheel, just imagine waking up five feet from the ground while bungee jumping as the cord is about to snap to get an idea of what it feels like.

“At the ER”

That was the subject line of the e-mail I sent out the next day to my entire office. Luckily, everyone understood and told me to take a rare three-day weekend. Luckily I survived with no major injuries, but at that point I decided it was time for a change.

I met up with some friends for dinner a week or two later and relayed my story. One friend there (who recently quit her job to pursue professional acting—her dream—while selling information products online) told me about this book she recently read called The 4-Hour Workweek .

I thought it was a scam, of course, but I really hated my life and decided I needed to check it out at the very least. I read it in one sitting. And then I read it again, just to make sure I wasn’t hallucinating. Before ever getting into finance, I had done some work online with graphics and web design and I had a technical background, so nothing in the book seemed outrageous to me—I just didn’t realize how easy and accessible it all was. Also, I had lived in Japan for half a year in college and loved it—and long-term world travel had always been one of my goals.

I sat on the ideas in your book for a while, took a quick vacation to return to Japan in October 2007, and when I came back decided that I had to get started. My muse: sell an investment banking interview guide. It’s a niche, high-demand subject and I knew I could make a better guide than anything else out there. One problem: I had to stay anonymous since I was still working, and advertising with Pay-Per-Click would be way too expensive given the high CPCs for related keywords.

In November 2007 I decided to start a blog, Mergers & Inquisitions (http://www.mergersandinquisitions.com), about the investment banking industry and how to break in, aimed at a mix of college students, MBAs, and working professionals. While I built my audience, I never had the time to finish my muse—the interview guide. But I was getting tons of requests to do consulting from my readers, so I started with resume editing and expanded into mock interviews—yes, not very “muse-like” but I charged high rates and could make my old salary in a fraction of the time. I did this ALL while staying completely anonymous out of necessity—because I didn’t want to get fired without an alternative income stream. Amazingly, my services took off even though I couldn’t tell anyone who I was.

At the same time, I decided I would not get another job in finance, and would instead leave in June 2008. So I had a very short amount of time to make everything work. Almost every single one of my friends, roommates, and family doubted me and said it would never work. I decided they were all wrong and I would just do it anyway—worst-case scenario, I could always reduce my expenses and move to Thailand to teach English.

To boost my income, I completely revamped my site to sell more of my offerings, which took me from pocket change to full-time income from part-time consulting over July-August 2008. This allowed me to travel to Hawaii and Aruba to go snorkeling, surfing, and shark-cage-diving and visit friends in other parts of the U.S. all while making an investment banker’s income from part-time work.

As the recession and economy worsened, my business picked up because it was counter-cyclical—anything that helps people find jobs is in huge demand in a poor economy. I’ve since helped scores of laid-off bankers and other financiers find work elsewhere. However, I was also starting to work a lot more because I was effectively trading time for money … so over the fall I started to work on my original product idea—my interview guide—and released it to great success later in 2008.

It has gone on to free up a ton of time, double my revenues, and put the majority of my income on autopilot. If I didn’t do any further work from this point onward, I could make 2–3x my previous monthly income simply by writing once or twice a week for my site (4–5 hours) and doing limited consulting on the side (10 hours). So you could say I’ve increased my income almost 3 xwhile reducing my hours 6x-9x and making myself completely mobile.

I admit that often I do “work” more than this, but it’s all on related educational projects that I want to work on, not anything that I have to work on. And if I don’t feel like working one week, I can reduce my hours to the 5–15 hour range and spend my time on learning languages, sports, or traveling to exotic destinations.

This setup allowed me to take an amazing trip to China, Singapore, Thailand, and Korea in December-January and get in some ridiculous adventures. I’ll be moving to Asia in a few months and after that, traveling the world indefinitely while running my business from coffee shops.

Incidentally, I met up with a lot of customers in Asia who thought this was the coolest thing ever!

Your book has changed my life and infinitely improved my lifestyle, and I just wanted to thank you for everything.

—B. DECHESARE