The big con: making money while you sleep
Monday, January 11, 2010 at 06:07AM 
Tim Ferriss, in his book The Four-Hour Work Week, talks about “mini-retirements” and I loved Ferriss’s book, there are a number of great ideas inside. Except one thing – what I see as the Big Con at the centre of it. It is the same con that is sold at the ‘Internet Secrets, 2 Day workshops where you will learn how to make a million dollars a year while you sleep’. And yes, a few years ago, I was hoodwinked by one (or two) of these.
The con? That you too can find a niche for an online business that will make you money while you sleep. And only takes 4 hours a week.
All you have to do is follow Ferriss’s formula (or Mal Emery’s or Daryl Grant’s or Dan Kennedy’s).
It reminds me of the betting systems that people sell: if it is that good and that easy, why aren’t they betting themselves? Or in Ferriss’s case, creating lots more easy businesses – and then hiring someone not quite so smart to administer say 8 of them as a full time job and give them 10% of the profits.
Those of us working with clients to sell services and books know it can be done. But it’s hard work.
As it always has been. There is no quick and easy way to make money. And the funny thing is, when you get to know the promoters of the Get rich quick seminar and coaching schemes, how honest they are about this.
And about how they get rich from the flow of mug punters. Just like BNI, but that’s another story.
What’s your view?
Cheers,
Toby
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Reader Comments (3)
I read The Four-Hour Work Week. My takeaway was similar to yours. Making his system work depended on quite a few stretches that few people are likely to master.
Tim apparently has an enormous about of self-confidence and self -discipline. He's also a very talented guy.
However, like you, I got some good ideas for setting priorities, outsourcing and more.
It's worth reading, while keeping your caveats in mind.
[Thanks Larry. And your comments have prompted me to get it down to re-read bits of it]
Strange, I thought you were a Mal EMery protege ... I suspect you didn't get what you expected from him. But he IS good at upselling and using all the IM techniques to create urgency etc. Overall I agree ... most of the people making 'fast' money are doing it themselves by selling 'secrets' and 'systems' to mugs like us!
Hi Gary, thanks for the post.
I have a huge respect for Mal Emery, and learnt a lot from him (and Dan Kennedy) in my 3 years of being in his Platinum program. As you can see from Larry's comment (and he is one of the leaders in this field), there is a lot to learn from masters like Mal and Tim Ferriss.
What I also learned from Mal and others in the field is how filling the room with punters desperate to grow their businesses (and a huge chunk of them without even a business!) is not Kosher. Not illegal, not fraudulent, just not very nice.
Though another friend rang me about this post and said that Mal provides a service that many of these people need: a place to go where they can dream. Dream of what we in Oz say 'they are GunnaDo' (going to do!)
As Larry said, it's a huge stretch. There is just so much to learn, and then, the really hard bit:
Just so much to implement. And all the pieces need to work together. And they change constantly.
One weekend?!
Cheers, Toby