Tuesday, July 20, 2010

Bucket List

I have been evaluating life a bit more lately, due mostly to a new book I have read called "The 4-Hour Workweek" by Timothy Ferris.  Basically, he talks at length about getting out of the rat race and learning to live in "mini-retirments" and be more productive by removing many time wasters from your life and re-positioning that time into other personal pursuits.

His point is to automate as much as possible and outsource where possible to free your time.  He recommends outsourcing parts of your job to India, through a company called Brickworks.  I am giving this a go, doing a trial run.  Will update on results if your interested.

Where this all comes from is finding those items that you want to do before you "kick the bucket".  I have started my own list with things like learning how to cook from an actual chef in Italy, visit Spain during the tomato fight, go to Greece in the spring when peaches are in season, immersing myself in the culture and learning to be fluent in French, Spanish and Dutch.

From there, my mind wandered to the applications in my life (and maybe yours).  He evaluates his time as a currency. I immediately thought of property management. We all want to take on property management to save the 7 to 10% monthly, which is a smart business decision, but at the same time, it is a poor time decision.

He empowers his outsource companies to make the customers happy and personally handle all decisions under $400 without consulting him.  He evaluates quarterly to make sure this policy is working.  From his research and tracking he has found that his client satisfaction is higher and his complaints are down.  By empowering his outsource companies, they feel much more a part of the process, rather than mercenaries.
 
I am looking now at buying another commercial property (as the qualification is different and with my portfolio banks are getting more particular about lending to me).  I am looking at locations that are 15 plus hours from home.  I am going to implement these ideas into that property and watch it's results. 
 
If successful, this can lead into the idea of mini-retirements, as my whole portfolio will be completely automated and I will be free of all day to day responsibilities.  The biggest hurtle to the success of this plan is finding the best property management companies to run the property smoothly and efficiently.
 

2 comments:

  1. I've also read Timothy's book but sadly I can't say I really implemented any of the ideas. Let me know how things go for you...

    -Keith

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  2. Hey
    Been trying somethings and have had some success with the Brickworks thing, but I have found another, much cheaper alternative to outsourcing. Found some neat stuff with TD Concierge VISA that are pretty cool.

    Going to try a mini vacation this late fall, likely two weeks, I know everyone else does 3 months, but going to try to start with a two week holiday/mini retirement.

    Always up for recommendations on places to go, just remember we have two small kids ...

    Looks like Phoenix, here we come :)

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