Interview with Promod Sharma - blog.riscario.com - Part 1

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Interview with Promod Sharma - blog.riscario.com Four Hour Work Week- Part #1

Monty Loree: Hey folks this is Monty Loree here from Canadia Money Adviser and I've got Promod Sharma. He's a blogger over at Riscario Insider. Hey Promod, how are you?

Promod Sharma: I'm great Monty, how are you?

Monty Loree: Good. I'm glad that you are able to take part in our 100 personal finance podcasts for Canadians. I think what we should talk about today - I'm pretty excited because we've talked quite a bit about The Four Hour Work Week by Tim Ferriss. It sounds like you've got some good insight on it and I want to talk to you about that. I think our visitors and listeners will be interested in that as well.

Promod Sharma: Let's talk about that.

Monty Loree: Good. You said right now you're kind of practicing The Four Hour Work Week a little bit.

Promod Sharma: Well, The Four Hour Work Week is a great title. It's very hard to implement in practice unless you have a lot of residual income coming in. So I'm adopting more of the philosophy of it, rather than actually just working four hours.

Monty Loree: So you're implementing some of the techniques or whatever?

Promod Sharma: Yes. One of the points that the book makes, which I haven't really thought about was, when you look at how much someone earns we tend to look at earnings per year. So for example, someone who is earning $100,000 which seems to be much better off than someone earning $50,000, and Tim Ferriss makes the point that you really want to break that down into hours - so dollars per hour. So someone who is earning $100,000 may be working 80 hours a week and the person earning $50,000 may be working 40 hours a week. So if you look at their hourly earnings, they are both earning the same, except the person earning the $50,000 actually has 40 extra hours that they can then use to do other things. They could actually have a greater quality of life and that's I guess fairly obvious but it's something I haven't thought about before reading the book.


Monty Loree: Right. That's one of the big premises of the book, is to do a mini retirement or abolish slavery, the 9 to 5 grind. He's all about the quality of living.

Promod Sharma: Yes. That was also another great point he made, is the idea of the mini retirement. What we often think about is saving money and the when we're old and gray then enjoying ourselves. But when we're old and gray we may not be physically capable of doing all the things we would like to do now. So it's better to actually take breaks while we're working and then enjoy our lives before we get very worn out.

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