The Tim Ferriss Show
#206: Testing the "Impossible": 17 Questions That Changed My Life
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Quick takeaways
- Experimenting with unconventional approaches and optimizing strategies can lead to better results in various aspects of life.
- Identifying personal needs and creating products or services that meet those needs can lead to profitable business opportunities.
Deep dives
Simplify and optimize: The power of doing the opposite
In 2000, the speaker realized that by doing the opposite of what other salespeople were doing, he saw a significant increase in sales. This led him to experiment with other areas of his life, such as asking questions instead of pitching and studying technical material. He found that simplifying and optimizing his approach yielded better results.
Scratching your own itch: Creating a successful product
By examining his own spending habits and identifying where he spent a significant amount of money, the speaker discovered a potential business opportunity. He created a product that addressed his own needs and found success by targeting a market that shared similar interests. This approach of scratching his own itch allowed him to create a profitable business by meeting a demand that he personally experienced.
Reevaluating goals: The importance of realistic target incomes
Rather than focusing on an arbitrary monetary goal, the speaker asks himself what his real target monthly income would be if he had 10 million dollars in the bank. This exercise helps him assess the true cost of his dream life and consider whether he can achieve those goals without postponing happiness. By calculating feasible target incomes, he finds that he doesn't have to wait for some future success to start living the life he desires.
Redefining risk: Embracing calculated risks
The speaker encourages shifting the perspective of risk-taking by asking, 'What are the worst things that could happen? Could I get back to where I am currently?' This exercise, known as fear-setting, allows him to assess potential risks and understand that many are reversible or have minimal long-term consequences. By reframing risk and considering the potential rewards, he is able to take calculated risks and overcome fears.
This is a special episode of the podcast. It's a sample chapter from my new book, Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers. What follows are 17 questions that have dramatically changed my life. Each one is time-stamped, as they entered the picture at precise moments. Enjoy! Show notes and links for this episode can be found at www.fourhourworkweek.com/podcast. This podcast is brought to you by Wealthfront. Wealthfront is a massively disruptive (in a good way) set-it-and-forget-it investing service, led by technologists from places like Apple and world-famous investors. It has exploded in popularity in the last two years and now has more than $2.5B under management. In fact, some of my good investor friends in Silicon Valley have millions of their own money in Wealthfront. Why? Because you can get services previously limited to the ultra-wealthy and only pay pennies on the dollar for them, and it's all through smarter software instead of retail locations and bloated sales teams. Check out wealthfront.com/tim, take their risk assessment quiz, which only takes two to five minutes, and they'll show you for free exactly the portfolio they'd put you in. If you want to just take their advice and do it yourself, you can. Or, as I would, you can set it and forget it. Well worth a few minutes: wealthfront.com/tim. This podcast is also brought to you by 99Designs, the world's largest marketplace of graphic designers. I have used them for years to create some amazing designs. When your business needs a logo, website design, business card, or anything you can imagine, check out 99Designs. I used them to rapid prototype the cover for The 4-Hour Body, and I've also had them help with display advertising and illustrations. If you want a more personalized approach, I recommend their 1-on-1 service. You get original designs from designers around the world. The best part? You provide your feedback, and then you end up with a product that you're happy with or your money back. Click this link and get a free $99 upgrade. Give it a test run.
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