The $4 Tim Ferriss Effect & how STEEM can change media
It was almost 10 years ago exactly that a friend lent me The 4-Hour Work Week. I remember feeling like my life would never be the same. Since then:
- I moved from Silicon Valley to Chicago, conducting "Geographic Arbitrage" by freelancing for SV companies
- I built passive revenue streams, including an online-dating advice blog that amassed about $150,000
- I used my newfound freedom to get a book deal. That book debuted in the top 20 on all of Amazon.
- I've since moved to Colombia to concentrate more on being a content creator. I'm working on another book, and I host a podcast.
After all of this value that Tim Ferriss has created in my life, how has he been rewarded? He's gotten about $4 from me.
Fortunately, Tim has millions of fans, so he does fine financially. You could say he's made much more because I've listened to ads on his podcast, and maybe even bought a few things with his Amazon affiliate links.
But still, to me, something seems f*cked up about that. He should have gotten more than $4 from me. (From when I bought The 4-Hour Body, the only book of his I've purchased.)
You could suggest that I buy more of his books (I don't want them), and even Tim himself says it's no big deal.
But my point is that media is so broken that an economically-rational person (which I strive to be) can get a ton of value from someone, without giving anything in return.
And that actually makes Tim's request difficult. It's extremely difficult as a content creator to get value for creating value for other people. So, it's extremely difficult to dedicate one's efforts on this.
There are many facets to this issue, but one thing is clear: as it becomes easier to trade value for value, there will be a sea change in how media is funded. And that will change the nature of the media that is produced.
I see STEEM as one potential fix for these barriers to value exchange. What do you think?
I totally agree. At the very least it's safe to say that you would happily upvote tons of Tim's content and were he to post it to Steemit, he would be able to capture much more value than the original $4. In fact, maybe in the future people will give their books away for free just so that they get your likes on Steemit! It's hard to say just how much value can be conveyed through "upvotes" because it's never before been possible to convey ANY value through them. Great post!
This is fantastic. I to loved the book and felt inspired from it. I think it lacked a lot of substance and it is not attainable for the vast majority of people, but still a great read for any entrepreneur!
4-Hour Work Week doesn't work so well if you're throwing away days worth of hard-earned crypto-cash!
Link: DON'T CONVERT SBD to STEEM, BUY IT ON THE STEEMIT MARKET!
@kadavy great post... I honestly have been thinking somewhat along the same lines as this after reading his new book, Tools of Titans. Yes, I paid ~$20 for the book, but it's crazy to think about all the time and effort put into decocting down all those's 'Titans' routines, implements, etc. Well worth the money to read and keep as reference.
I actually didn't buy TofT because I've listened to most of the podcast episodes. I don't feel compelled by the book.
Most definitely. There are so many "middle men" involved in transactions that original creators of content receive less and less of what their content is worth. Steemit allows for direct transference from followers or fans to artists/authors/creators. What I find particularly interesting is just how much this platform could help brilliant minds who would otherwise be never heard.
Love this post. Many great points. In actuality, it seems that Tim's attitude perpetuates his wealth. I believe the Dont worry about me, just pay it forward attitude begins a positive process... And I agree that a curating community platform like Steemit can help to address the issues when it comes to reciprocating value exchange :)
Great post. Upvoted & followed. I love to hear your journey. I've done something similar, though I'm in a job I love still selling my time for $ so I'm not able to implement all of the ideas in the 4HWW.
I remember when youtube was 1st created and a segment was reported on GMA and the other morning shows. Google was still under 80$ (i think)
The point of this is... the growth here is vast. How big? We just dont know.. time will answer that!
What kind of online dating advice?
Just basic stuff. I Made the money mostly off of match.com coupon codes but that well has mostly run dry, as I haven't worked on the site for several years. I used the proceeds to explore things closer to my curiosity.
Great points!! I look forward to following more of your posts...very insightful...I've been writing for years, then blogging, but without knowing how to utilize the virtual marketplace, my work isn't going anywhere. I think Steemit will be helpful, such as connecting with your wisdom!