HOUSE_OVERSIGHT_013822.jpg
2.69 MB
Extraction Summary
6
People
2
Organizations
0
Locations
0
Events
1
Relationships
3
Quotes
Document Information
Type:
Book excerpt / evidence document
File Size:
2.69 MB
Summary
This document appears to be a page from a book (likely 'The 4-Hour Workweek' by Tim Ferriss, based on the 'New Rich' terminology and the blog URL) included in a House Oversight investigation file. The text discusses economic theories regarding 'absolute vs relative income,' arguing that wealth should be measured by time freedom rather than just total earnings. It also distinguishes between 'distress' (negative stress) and 'eustress' (healthy, growth-promoting stress), concluding with a Q&A section on lifestyle choices.
People (6)
| Name | Role | Context |
|---|---|---|
| Chap A | Hypothetical Example |
Used to illustrate working hours vs income
|
| Chap B | Hypothetical Example |
Used to illustrate working hours vs income
|
| Jane Doe | Hypothetical Example |
Used to calculate absolute vs relative income
|
| John Doe | Hypothetical Example |
Used to calculate absolute vs relative income
|
| The Author ('I') | Narrator/Author |
Refers to starting at $5/hour out of college
|
| The New Rich | Group Concept |
Refers to people who prioritize relative income and eustress
|
Organizations (2)
| Name | Type | Context |
|---|---|---|
| fourhourblog.com |
Referenced in footnote for sample photographs
|
|
| House Oversight Committee |
Implied via Bates stamp 'HOUSE_OVERSIGHT_013822'
|
Key Quotes (3)
"Absolute income is measured using one holy and inalterable variable: the raw and almighty dollar."Source
HOUSE_OVERSIGHT_013822.jpg
Quote #1
"Distress refers to harmful stimuli that make you weaker, less confident, and less able."Source
HOUSE_OVERSIGHT_013822.jpg
Quote #2
"The New Rich are equally aggressive in removing distress and finding eustress."Source
HOUSE_OVERSIGHT_013822.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (3,443 characters)
other. Chap A moving at 80 hours per week and Chap B moving at 10 hours per week. They both make $50,000 per year. Who will be richer when they pass in the middle of the night? If you said B, you would be correct, and this is the difference between absolute and relative income.
Absolute income is measured using one holy and inalterable variable: the raw and almighty dollar. Jane Doe makes $100,000 per year and is thus twice as rich as John Doe, who makes $50,000 per year.
Relative income uses two variables: the dollar and time, usually hours. The whole “per year” concept is arbitrary and makes it easy to trick yourself. Let’s look at the real trade. Jane Doe makes $100,000 per year, $2,000 for each of 50 weeks per year, and works 80 hours per week. Jane Doe thus makes $25 per hour. John Doe makes $50,000 per year, $1,000 for each of 50 weeks per year, but works 10 hours per week and hence makes $100 per hour. In relative income, John is four times richer.
Of course, relative income has to add up to the minimum amount necessary to actualize your goals. If I make $100 per hour but only work one hour per week, it’s going to be hard for me to run amuck like a superstar. Assuming that the total absolute income is where it needs to be to live my dreams (not an arbitrary point of comparison with the Joneses), relative income is the real measurement of wealth for the New Rich.
The top New Rich mavericks make at least $5,000 per hour. Out of college, I started at about $5. I’ll get you closer to the former.
10. Distress Is Bad, Eustress Is Good.
Unbeknownst to most fun-loving bipeds, not all stress is bad. Indeed, the New Rich don’t aim to eliminate all stress. Not in the least. There are two separate types of stress, each as different as euphoria and its seldom-mentioned opposite, dysphoria.
Distress refers to harmful stimuli that make you weaker, less confident, and less able. Destructive criticism, abusive bosses, and smashing your face on a curb are examples of this. These are things we want to avoid.
Eustress, on the other hand, is a word most of you have probably never heard. Eu-, a Greek prefix for “healthy,” is used in the same sense in the word “euphoria.” Role models who push us to exceed our limits, physical training that removes our spare tires, and risks that expand our sphere of comfortable action are all examples of eustress—stress that is healthful and the stimulus for growth.
People who avoid all criticism fail. It’s destructive criticism we need to avoid, not criticism in all forms. Similarly, there is no progress without eustress, and the more eustress we can create or apply to our lives, the sooner we can actualize our dreams. The trick is telling the two apart.
The New Rich are equally aggressive in removing distress and finding eustress.
► Q&A: QUESTIONS AND ACTIONS
1. How has being “realistic” or “responsible” kept you from the life you want?
2. How has doing what you “should” resulted in subpar experiences or regret for not having done something else?
3. Look at what you’re currently doing and ask yourself, “What would happen if I did the opposite of the people around me? What will I sacrifice if I continue on this track for 5, 10, or 20 years?”
2. How has doing what you “should” resulted in subpar experiences or regret for not having done something else?
3. Look at what you’re currently doing and ask yourself, “What would happen if I did the opposite of the people around me? What will I sacrifice if I continue on this track for 5, 10, or 20 years?”
2. Most people will assume this type of weight manipulation is impossible, so I’ve provided sample photographs at www.fourhourblog.com. Do NOT try this at home. I did it all under medical
HOUSE_OVERSIGHT_013822
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