5 Day Weekend Summary: A strategy to achieve multiple income streams which mean you wont have to work the 8-5 in a company you hate.
Title: 5 Day Weekend: Freedom to Make Your Life and Work Rich with Purpose: A how-to guide to building multiple streams of passive income
Author: Garrett B. Gunderson and Nik Halik
Publisher:John Murray Learning
Date Published: 2018
Subject: Passive Income
About the author:
Nik Halik is a Greek Australian entrepreneur, investor and author. Nik has a love for extreme adventures and has amassed a portfolio of real estate in multiple countries. Nik has written other books including The Thrillionaire.
Garrett B. Gunderson is an American author, business owner and financial consultant who has built a strong career through achieving impressive results. Garrett is well known for his book called Killing Sacred Cows, which challenges common money beliefs.
Part 1: The Big Idea
Chapter 1 – Your 5 Day Weekend
Chapter 2 – New Mindset, More Freedom
Chapter 3 – 5 Day Weekend Plan
Chapter 4 – Active vs. Passive Income
Part 2 – The Foundation
Chapter 5 – Crush Your Debt
Chapter 6 – Manage Your Expenses
Chapter 7 – Plug Cash Flow Leaks
Chapter 8 – Capture Wealth
Chapter 9 – The Rockefeller Formula
Chapter 10 – Rock-Solid Financial Baseline
Part 3 – Income Growth
Chapter 11 – Increase Your Active Income
Chapter 12 – It Doesn’t Take Money
Chapter 13 – Exploring Entrepreneurial Ideas
Chapter 14 – Analyze Income Opportunities
Chapter 15 – Before You Quit Your Job
Part 4 – Wealth Creation
Chapter 16 – Build Passive Cash Flow
Chapter 17 – Real Estate Cash Flow
Chapter 18 – Cash Flow Growth Investments
Chapter 19 – Go Big – Momentum Investments
Chapter 20 – Why Conventional Investments Fail
Chapter 21 – Seasons of Investing
Part 5: The Journey
Chapter 22 – Strengthen Your Mindset
Chapter 23 – Build Your Inner Circle
Chapter 24 – Fortify Your Habbits
Chapter 25 – Amplify Your Energy
Part 6: Freedom Lifestyle
Chapter 26 – Freedom from Stuck – Creating Purpose
Chapter 27 – Freedom from Yes – Creating Choice
Chapter 28 – Freedom from Perfection – Creating Productivity
Chapter 29 – Freedom from Stuff – Creating Simplicity
Chapter 30 – Freedom from Boredom – Creating Adventure
Chapter 31 – Freedom from Regret – Creating Pace
Chapter 32 – Freedom from Self – Creating Generosity
Part 7: Outside The Box
Chapter 33 – Escape the Ordinary
Chapter 34 – Build Your Own 5 Day Weekend
5 Day Weekend Review:
This book is a hybrid between the Four-Hour Work Week by Tim Ferris, Rich Dad, Poor Dad by Robert Kiyosaki and Think and Grow Rich by Napelon Hill. The reason I say this is it combines the mental changes required (Think and Grow Rich & Rich Dad, Poor Dad) and the practical steps (Four-Hour Work Week) of generating more income.
If you want to break free from the 5-day workweek then this is the book for you. The chapters follow this thought process – Reduce your cash outflows, increase your inflows, and then maximize your exposure to passive income. This principle has a lot of merit to it, however if it was so easy everyone would be doing it.
The difference between wealthy people and poor people is very minimal, wealthy people get shit done, they get started today and keep the ball rolling until they become wealthy. Poor people will sit on the couch and watch tv every single night after work and will pass on opportunity after opportunity to make a start.
If you currently in the poor category – you need to start doing things, which you have never done before, get out of the old routines, which have led you to where you are and start doing different things.
The key is building up your assets, and then building that up enough so that the income from those assets matches your expenses. This will result in the expenses being covered by your investments, which means you would not have to work as much.
One of the first steps is to figure out is what your expenses are – that is the number you need to match. Then you can go about investing and accumulating your assets to develop your income.
There are some really interesting gems in this book, which will mean a lifestyle you want and that you choose, and not having to work to meet your lifestyle. The book has plenty of examples that allow the reader to convert on the wealth building strategies listed.
This truly is a great read and is unlike most of the passive income books.
Make sure you grab a copy and check out the book.