How to Get Richer without Getting a Raise

You can live the life you always wanted without working full-time. Tim Ferriss, an angel investor, entrepreneur, author and public speaker encourage people to stroll the less trodden path to attain massive success.

Get Richer without Raise

[Read: Destroy Debt and Live a Rich Life]

Tim Ferriss is a renowned GOBankingRates 2015 finalist in a hackathon sponsored by Ally Bank. As part of competition, top finance gurus were asked to predict 2016 ultimate money tips. Ferriss’s advice in its entirety, advocate that you live the life you desire; choose. The net value of every dollar is typically determined by your subsequent control of two different currencies: mobility and time.

Ferriss argues that mobility and time are the new world currency; the New Rich. The New Rich is populated by people who use these currencies to get a grip on their lives. They escape the usual 40-hour per week schedule, without having to give up their lifestyles. Here are tips towards living luxurious without working yourself to wreck.

How to Make More Money without Working More

According to Ferriss’ FourHourWorkWeek.com site, he elaborates how one can separate time and work by effective application of DEAL principles. This averages four hours per week work, amounting to $40,000 monthly earnings. By so doing, he earned himself the rare opportunity to enjoy and have fun with loved ones.

He gradually transitioned from an average of 14-hours to 4-hours per week and made approximately $40,000 in a single month. He writes eloquently on how the separation of income from time, allowed him to craft a new lifestyle which allows him to tour the world, enjoying nature’s incredible offers. In fact, the magic behind the rapid transformation is DEAL (Definition, Elimination, Automation, and Liberation) principled.

A Gallup survey identified that since the average workload spans 47 hours, you may experience difficulties whittling your schedule to 4 hours. However, by utilizing Ferriss’ techniques, you may end up doing more work in shorter durations, consequently boosting your monthly earnings.

1. Define What You Want.

All that Ferriss suggests is that you need to identify your ideal lifestyle for you to get richer without raise. Know of how and what you want to achieve and how much you will sacrifice for that lifestyle. This might seem easier to many while said than done. From a 2015 University of Phoenix research, it was discovered that nearly 60 percent of the working population wish to switch careers; however, 40 percent of people haven’t decided on what other professions to take. Participants reported various hindrances to change such as lack of education, financial security, and worries about the outcome, for instance when starting a business.

Seeking volunteer opportunities can act as a great benchmark for you to sample a new occupation before making a change. A mentor in the profession you’re interested in can also help you get new opportunities and to know the requirements. Free online courses like Saylor.org or university websites can further assist you to discover your interests.

2. Eliminate Time-Consuming Activities

Elimination is the next phase to focus on, once you recognize your interests. This entails removing the static that hinders your ideal lifestyle. Among the key things you need to get rid of is information addiction, particularly the urge to checking emails always.

To reduce excessive back and forth, you can use an autoresponder to inform people that you only check emails twice or once a day. This will make those reaching out to you via email for assistance more solution oriented. Another way to eliminate interruptions and allow you to use your time more effectively is by putting away your phone and establishing a fixed time to respond to emails.

3. Automate Tasks

Ferriss suggests that you should automate and outsource daily errands, for instance making appointments and doing research. Some of the services he recommends for one to get assistance in putting various life aspects on autopilot are GetFriday, Elance.com, and DoMyStuff.
He further emphasizes that you need not to be a Fortune 500 business to outsource tasks. Moreover, it can get the work done at a reduced cost saving you money and more time to concentrate on tasks that will generate you more cash.

4. Liberate Yourself.

This is the phase that mobility comes into action in Ferriss’ equation for living your desired life. Liberation is never about making cheap trips; it all concerns breaking of bonds that forever restrict you to a single geo-geographical location. Mobility and freedom are always about how you utilize your valuable time.

One of the solutions to liberate yourself from your 9-to-5 hours a day work in an office is to work as a freelancer from the comfort of your home. According to research performed by the Freelancers Union and Elance-oDesk, nearly a third of the American working population does freelance work.

[Read: Growing Rich: The Keys to Millionaire Status]

Other than mere focusing on improving output to receive better pay, you can utilize your mobility and time as an added advantage towards a comfortable lifestyle. Ferriss contemplates in his blog, the possibility of using DEAL techniques to magnify income, reduce working hours by half or even you’re your vacation time. To get richer without raise is most definitely possible through commitment and discipline.