How to get rich naval

Naval Ravikant On How To Get Rich

(Without Getting Lucky)

How to Get Rich (without getting lucky):

Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy.

Understand that ethical wealth creation is possible. If you secretly despise wealth, it will elude you.

Ignore people playing status games. They gain status by attacking people playing wealth creation games.

You’re not going to get rich renting out your time. You must own equity — a piece of a business — to gain your financial freedom.

You will get rich by giving society what it wants but does not yet know how to get. At scale.

Pick an industry where you can play long term games with long term people.

The Internet has massively broadened the possible space of careers. Most people haven’t figured this out yet.

Play iterated games. All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest.

Pick business partners with high intelligence, energy, and, above all, integrity.

Don’t partner with cynics and pessimists. Their beliefs are self-fulfilling.

Learn to sell. Learn to build. If you can do both, you will be unstoppable.

Arm yourself with specific knowledge, accountability, and leverage.

Specific knowledge is knowledge that you cannot be trained for. If society can train you, it can train someone else, and replace you.

Specific knowledge is found by pursuing your genuine curiosity and passion rather than whatever is hot right now.

Building specific knowledge will feel like play to you but will look like work to others.

When specific knowledge is taught, it’s through apprenticeships, not schools.

Specific knowledge is often highly technical or creative. It cannot be outsourced or automated.

Embrace accountability, and take business risks under your own name. Society will reward you with responsibility, equity, and leverage.

The most accountable people have singular, public, and risky brands: Oprah, Trump, Kanye, Elon.

“Give me a lever long enough, and a place to stand, and I will move the earth.” — Archimedes

Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media).

Capital means money. To raise money, apply your specific knowledge, with accountability, and show resulting good judgment.

Labor means people working for you. It’s the oldest and most fought-over form of leverage. Labor leverage will impress your parents, but don’t waste your life chasing it.

Capital and labor are permissioned leverage. Everyone is chasing capital, but someone has to give it to you. Everyone is trying to lead, but someone has to follow you.

Code and media are permissionless leverage. They’re the leverage behind the newly rich. You can create software and media that works for you while you sleep.

An army of robots is freely available — it’s just packed in data centers for heat and space efficiency. Use it.

If you can’t code, write books and blogs, record videos and podcasts.

Leverage is a force multiplier for your judgement.

Judgement requires experience, but can be built faster by learning foundational skills.

There is no skill called “business.” Avoid business magazines and business classes.

Study microeconomics, game theory, psychology, persuasion, ethics, mathematics, and computers.

Reading is faster than listening. Doing is faster than watching.

You should be too busy to “do coffee,” while still keeping an uncluttered calendar.

Set and enforce an aspirational personal hourly rate. If fixing a problem will save less than your hourly rate, ignore it. If outsourcing a task will cost less than your hourly rate, outsource it.

Work as hard as you can. Even though who you work with and what you work on are more important than how hard you work.

Become the best in the world at what you do. Keep redefining what you do until this is true.

There are no get rich quick schemes. That’s just someone else getting rich off you.

Apply specific knowledge, with leverage, and eventually you will get what you deserve.

When you’re finally wealthy, you’ll realize that it wasn’t what you were seeking in the first place. But that’s for another day.

Как стать богатым (без везения) How to Get Rich (without getting lucky) © Naval.

Пожалуй, опубликую ряд постов с medium и тут:

Перевел на русский серию твитов от Naval Ravikant о бизнесе, жизни и слагаемых богатства, которые заставят вас задуматься.

Ищите богатство, а не деньги или статус. Богатство выражено в активах, которые зарабатывают во время сна. Деньги — это то, как мы передаем время и богатство. Статус — ваше место в социальной иерархии.

Поймите создать богатство этичным путем возможно. Если вы тайно презираете богатство, оно ускользнет от вас.

Игнорируйте людей играющих в статусные игры. Их статус растет благодаря нападкам на людей играющих в игры по созданию богатства.

Вы никогда не станете богатым сдавая в аренду свое время. Вы должны владеть долей — частью бизнеса — для становления вашей финансовой независимости.

Вы станете богатым давая обществу то, что оно хочет и пока не знает как это получить, в масштабе.

Выберете индустрию, где вы сможете играть в долгосрочные игры с людьми, играющими в “долгую”.

Интернет значительно расширил возможный выбор карьеры. Большинство людей пока не поняли этого.

Играйте в итерационные игры (из Теории Игр). Развитие в жизни, будь то в богатстве, отношениях или знаниях происходят от сложных процентов.

Выбирайте бизнес партнеров с высоким интеллектом, энергией и, прежде всего, этичных (чесных).

Не входите в партнерство с циниками и пессимистами. Их убеждения имеют свойство самореализовываться.

Научитесь продавать. Учитесь создавать. Если вы сможете и то и другое, вас не остановить.

Запаситесь специфическими знаниями, ответственностью и рычагами воздействия.

Специфическое знание — это знание, которому нельзя обучиться. Если общество может обучить тебя, то оно может обучить кого-то еще и заменить вас.

Специфическое знание обретается, следуя за вашим искренним любопытством и страстью, а не за тем, что сейчас в тренде.

Обретение специфических знаний будет тебе казаться игрой, а другим — работой.

Учат специфическим знаниям через наставничество, а не в школах.

Специфическое знание часто является высокотехнологичным или творческим. Его нельзя отдать на аутсорсинг или автоматизировать.

Примите ответственность, возьмите бизнес-риски на себя. Общество вознаградит вас преданностью, капиталом и рычагами воздействия.

У наиболее авторитетных людей простые, публичные и смелые “бренды” : Опра, Трамп, Канье (Kanye), Илон.

“Дайте мне точку опоры (прим. рычаг), и я переверну земной шар.” — Архимед.

Богатству требуется рычаги воздействия. Бизнес рычаги — это капитал, люди и продукты без каких-либо дополнительных затрат на копирование (код и средства массовой информации).

Капитал — это деньги. Чтобы “поднять” инвестиции, примените свои специфические знания с ответственностью и покажите хорошую рассудительность.

Труд (рычаг) — это когда люди работают на вас. Это старейшая и наиболее востребованная форма рычага. Он произведет впечатление на ваших родителей, но не тратьте впустую свою жизнь, гоняясь за ним.

Капитал и труд — это рычаги, требующие разрешения. Все ищут капитал, но кто-то должен дать его вам. Все пытаются быть лидерами, но кто-то должен последовать за вами.

Код и медиа — рычаг не требующий вашего разрешения. Этот рычаг стоит за теми, кто недавно разбогател. Вы можете создать софт и медиа, который работает пока вы спите.

Целая армия “роботов” в свободном доступе — она упакована в дата центры для эффективности. Используйте её.

Если не можете кодить, пишите книги и блоги, записывайте видео и подкасты.

Рычаг — это сила мультипликатора к вашей рассудительности.

Рассудительность требует опыта, но ее можно освоить быстрее изучая фундаментальные навыки.

Нет такого навыка, как «бизнес». Избегайте бизнес — журналов и бизнес-тренингов.

Изучайте микроэкономику, теорию игр, психологию, навыки убеждения, этику, математику и компьютеры.

Читать быстрее, чем слушать. Делать быстрее, чем наблюдать.

Вы должны быть слишком заняты для “чашечки кофе”, но при этом сохранять неперегруженный календарь.

Установите и следуйте желаемой личной часовой ставке. Если исправление проблемы будет экономить меньше, чем почасовая ставка, игнорируйте ее. Если аутсорсинг задачи будет стоить меньше, чем ваш часовой тариф, передайте ее на аутсорсинг.

Старайтесь изо всех сил. Даже несмотря на то, что с кем вы работаете и над чем работаете, важнее, того, как упорно вы работаете.

Станьте лучшим в мире, в том, чем занимаетесь. Продолжайте оценивать то, что вы делаете снова и снова, пока это не будет верно.

Нет быстрых способов стать богатым. Просто кто-то зарабатывает на вас.

Применяйте специфические знания, используя бизнес-рычаги, и в конечном итоге вы получите то, что заслуживаете.

Когда вы, наконец, стали богатым, вы поймете, что это не то, что вы искали в начале. Но эта тема для другого разговора.

Сила в простоте

Блог о книгах, смысле жизни и наведении в ней порядка

Как стать богатым — Наваль Равикант

Давно откладывал, и вот наконец-то прочитал книгу Наваля Равиканта «How To Get Rich». Вообще-то, это длинный транскрипт беседы Наваля и его бизнес-партнёра Ниви, которая, в свою очередь, вдохновлена циклом твитов Наваля, но пусть будет книга.

На русском языке совершенно бесплатно можно прочитать эту книгу на сайте Ивана Замесина: Как стать богатым

Наваль Равикант — известный американский предприниматель, инвестор, создатель сайта AngelList, причастный к взлёту таких компаний, как Twitter и Uber. В твиттере он рассказывает о своей философии достижения счастья, рациональности и собственном понимании богатства и изобилия.

Меня вдохновил его рецепт, и я хочу поделиться с вами выдержкой основных идей книги.

Основные идеи книги «Как стать богатым»

1. Цель богатства — свобода. Не более того. Деньги не решают всех проблем, но они решают денежные проблемы. (Как говорил мой друг Рома, деньги нужны для того, чтобы не думать о деньгах 🙂

2. В жизни есть две масштабные игры, в которые играют люди: денежная и статусная. Статусные игры — способ выяснить, кто в чём-то главный. Это игры человеческих взаимоотношений, сотни тысяч лет помогавшие человечеству выживать и развиваться. В наше время, по мнению Равиканта, это необходимое зло, игра с отрицательным результатом (когда много вкладывается, но ничего по сути не создаётся). Статусных игр нужно избегать!

3. Многие думают, что зарабатывание денег связано с везением. Есть четыре типа денежного везения: случайное (выиграл в лотерею), от суетливости (крутился, вертелся, вкладывал усилия по разным направлениям, и где-то выстрелило), от предварительной подготовки (есть опыт в какой-то области = есть шанс заметить удачные изменения, которые не заметят остальные) и везение, обусловленное качествами вашей личности. Если уж расчитывать на везение, то нужно стремиться к четвёртому типу, быть тем, кого зовут помочь, если кому-то улыбнётся удача. Равикант приводит такой пример: если вы в мире лучший специалист по глубоководным погружениям, то если кто-то найдёт затонувший корабль с сокровищами, то обратится именно к вам!

4. Вы не станете богатым, сдавая в аренду свое время. По мнению Наваля, это один из ключевых моментов всей философии богатства. Сдавая в аренду время, вы скорее всего не создаете новые вещи для общества. Вы просто делаете что-то снова и снова. Вместо этого стремитесь к карьере, где результат не зависит от количества ваших исходных ресурсов, где исходный ресурс и результат сильно разведены. Принцип рычага — небольшие усилия дают огромный результат.

5. Можно разбогатеть, давая обществу то, что оно хочет, но еще не знает, как получить в необходимом количестве. Если вы хотите быть богатым, вам следует выяснить, какую из вещей с учетом ваших навыков и возможностей вы можете предоставить обществу, которую оно еще не знает, как получить, но которую захочет. Затем вы должны выяснить, как масштабировать ее производство. Потому что просто создать что-то недостаточно. Вы должны создать сотни, тысячи, миллионы или миллиарды таких вещей. Так, чтобы каждый смог иметь по одной.

6. Не сотрудничайте с циниками и пессимистами. Не сотрудничайте с нерациональными оптимистами! (которые уходят от реальности). Сотрудничайте с рациональными оптимистами. У нас всего одна жизнь, так почему бы не попробовать построить что-то большое (и при этом реально возможное)?

7. Чтобы стать богатым, нужно обладать четырьмя вещами: специальными знаниями, ответственностью за результат, рычагами влияния и способностью в чём-то хорошо разбираться.

8. Специальные знания — знания, которым трудно или невозможно научиться в процессе классического обучения. Это то, что делает вас уникальным специалистом. Либо это какие-то врождённые преимущества, либо приобретённые в детстве необычные soft skills, либо это что-то принципиально новое, о чём никто ещё не знает, либо это обучение в процессе работы (самый доступный вариант). Лучший способ накопления специальных знаний, по Равиканту, это следовать за своей одержимостью, делать то, что нравится.

9. Рычаги влияния — инструменты, которые помогут стать богаче. Если говорить в общем, то долгое время таковыми рычагами были труд и капитал. Труд — самая старая форма рычага, это выполнить задачу чужими руками. Чем большим количеством людей вы управляете, тем больше можете заработать (в наше время это заблуждение, которое, тем не менее, до сих пор, популярно). Капитал — также несколько устаревший рычаг, это способность богатеть, торгуя на фондовых рынках Проблема с капиталом в том, что это сложно и доступно только тем, кто обладает специальными знаниями в данной сфере и ответственностью (про это будет далее).

10. Новые рычаги влияния — это создание своего продукта и работа с медиа. Благодаря им можно умножать свои усилия, не привлекая труд или капитал других людей. Эти рычаги будут работать на вас, пока вы спите.

11. Чтобы получить доступ к рычагам влияния, нужно брать на себя ответственность. Ответственность—это когда вы ставите на карту свою репутацию и рискуете собственной шкурой. Ваше вознаграждение пропорционально ответственности. По-настоящему ответственных людей всегда не хватает.

12. Пять главных для жизни навыков:

13. Перед тем, как начать строить бизнес или карьеру, выясните: «Что я должен делать? Где формируется рынок? Какой продукт я могу создать, над которым мне было бы интересно работать и для создания которого у меня есть специальные знания?».

14. Вы можете сэкономить много времени, выбрав правильную сферу деятельности. Следующим по важности является выбор людей, с которыми вы будете работать. Третье— это то, насколько усердно работаете вы сами. Это как три ножки табурета. Если вы ослабите хотя бы одну из них, весь табурет упадет.

15. Если вы действительно хотите зарабатывать деньги, вы должны быть номером один в том, что вы делаете. У вас может быть своя ниша—в этом суть. Вы можете получать деньги буквально за то, что вы—это вы. Стремитесь быть номером один. Продолжайте пробовать себя в чем-то новом, пока не станете номером один. Вы не можете просто выбрать что-то наобум. Нельзя сказать: «Я стану самым быстрым бегуном в мире», для этого вы должны обогнать Усэйна Болта. Это слишком сложная задача. Продолжайте менять свою цель, пока она не придет в соответствие с вашими специальными знаниям, навыками, положением, возможностями, местонахождением и интересами. Ваша цель и навыки должны сходиться, чтобы сделать вас номером один.

16. Сделайте из себя продукт. Определите, в чем вы уникально хороши, и задействуйте как можно больше рычагов.

17. Ваш конечный результат будет равен уникальности ваших специальных знаний, помноженной на количество рычагов, которые вы можете применить к этим знаниям, помноженной на вашу проницательность, помноженной на то, насколько единолично вы отвечаете за результат, помноженной на то, насколько общество ценит то, что вы делаете.

18. Бонус: «Как мне найти время, чтобы начать инвестировать в себя? У меня есть работа».

How To Get Rich Without Being Lucky – Naval Ravikant

A new discovery of mine has been the great mind of Naval Ravikant (aka TechBuddha). I need to give a shout out to Joe Rogan for featuring him on his podcast for the discovery. In this discussion they spoke about how to get rich without being lucky. It was a tweet storm that Naval punched out in May 2018, where Naval goes through a list of tweets which is what he believes is the key to getting rich without being lucky. I was never aware of these until I watched the podcast, so have enjoyed reading through and adding my thoughts to each one.

Who is Naval Ravikant and why should you listen to his advice on how to get rich?

He is a black and white kind of guy who says it how it is and is known well for his no bullshit and time wasting averse ways. A man of my own heart. He really hit me in the feels as he pronounced a sentenced that ultimately resonated with how I feel right now and ultimately where my life is at: “Every man has two lives. The second one starts when he realises he has only one”.

Bottom line, Naval is a great guy to listen to and the advice you are about to read below is on point and could set you on a path of prosperity. When you read a lot of these you will think, of course. But then really think about it. You know it but what are you DOING about it. I hope you enjoy the below summary of one of the gifts of the internet, Naval Ravikant’s how to get rich Tweet storm.

The How to get rich without being lucky Tweet Storm

Below is the tweet storm in it’s entirety. For each tweet I have added my thoughts on what I think it means and how it can be translated. I hope it does it justice to Naval Ravikant’s words, but happy to receive any feedback on my thoughts. Please do comment below if you feel the need to. Love me some feedback.

Tweet 1 – 1. Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy.

The biggest difference between a poor man and a rich man is their mindset. Which implies that that poor may be rich and the rich may be poor. Wealth ultimately is having assets that will grow your wealth while you sleep as the tweet describes. This is similar to what is taught in the great book by Robert Kiyosaki, Rich Dad Poor Dad.

The rich think very differently to the poor. The poor do not think about how they can increase their wealth by investments, but they think about the money that they transfer for their skills, ergo WORK!

Once you traverse the river of understanding the difference between money and wealth, you will commence valuing your time and how you use your money very differently. A great way of looking at this is that typically people will save their money for years in a savings account in a bank. The rich person looks how they can re-invest their earnings into ways that will then create a compound interest effect to their wealth.

Getting stuck in the trap of the nine to five, no matter how well paying the job is will never EVER bring you real wealth. You know as Dan Lok says, some of that FU Money. It’s definitely a start but you need to look at the world differently than being a pawn in the system. You need to build your own wealth.

Tweet 2 – Understand that ethical wealth creation is possible. If you secretly despise wealth, it will elude you.

This is well and truly another mindset thing. Ask yourself one simple question. Do you think that money is evil? Do you think that the great system of capitalism is evil? If you think yes or you know people who think this way. Wealth will never be part of their horizon.

Money is NOT the root of all evil. This is one of those silly myths that have been perpetuated by crazy 1st world virtue signalling noobs. Money is not an entity with thought or ability it is only a commodity which can be used. Just as money is used for many great things such as scientific research, helping those who are less fortunate and so on.

I encountered this mindset very often in two parts of my previous life. When I was a musician and when I was vegan. People ultimately thought that in the music world that earning money for their art was selling out. This mindset really frustrated me. I couldn’t help but think why not get rewarded for all this hard work. Being virtuous doesn’t pay the bills. Being rewarded through funds is the greatest sense of achievement for the creative ability you have. It is a true representation that people ACTUALLY value your work and are willing to hand over hard earned dollars to show you their appreciation.

Likewise in the vegan movement there was a strong anti-capitalist movement. They failed to understand that both money and the capitalist system were not things inherently unethical. But yes there are people in the world who do things with money that are bad. They are two separate things. The action of a person versus the actual item itself. It is quite silly when you think about it.

Simply money and wealth are not evil. You need to believe that before you can set yourself on a path of prosperity. I must admit that at some stage of my life I probably felt that. But I was inflicted by the horrible mindset of the victim complex. That’s a whole topic in itself.

Tweet 3 – Ignore people playing status games. They gain status by attacking people playing wealth creation games.

Don’t play the status game is a simple one. In today’s society status signalling is absolute rife with the explosion of social media. People play the status game in regards to many things, but the one that counts the most is in income and earnings. There is absolutely no need to talk about this kind of stuff as well as showing off your status and luxuries. If you currently do so, you’re just playing the status games.

Typically you will find someone who trys to bring someone else down in their attempts of wealth creation to be this type of person. You don’t want these people in your life. You may find that you have people in your life that are on the same path as you and relish the success you have and lift you up even further. These are the people you want to surround yourself with. Status does not build wealth. Ignore being part of this trap and do your thing and build your wealth in anonymity. It’s a much better place to be in.

This is one of the main reason’s I decided on quitting Facebook. The continued self importance and people flaunting their opinions and stuff. It just got so nauseating and turning it off was well and truly one of the best decisions over the past year. Social media is killing us with an abundance of information that adds ZERO value to your (life most of the time). Leave the status junkies to this realm.

Tweet 4 – You’re not going to get rich renting out your time. You must own equity – a piece of a business – to gain your financial freedom.

Renting out your time, simply means you’re never going to be rich by having a job. Swapping your skills for a pay check is the slow road to retirement at the age of 65 with little wealth to enjoy in your golden years. There is a reason why they call it a retainer salary. That salary retains your services and you build your life in accordance to that salary that you earn. In essence becoming a slave to your work.

You need to get yourself some equity. Start a business or get a piece of a business. You need the mindset of wealth creation so that you get the financial freedom you crave. I wish I had learned this at a much younger age. Having started my own business and sold it and now starting a couple of businesses including a real estate portfolio along with a couple of web based businesses that I invest my time in to drive long term passive income.

Wealth will never be built working for someone. Remember that! You need to go out there and create your wealth.

Tweet 5 – You will get rich by giving society what it wants but does not yet know how to get. At scale.

Solving the worlds disconnects and adding value to peoples lives is a road to wealth. We have all the tools at our disposal to create amazing products which will enable people to live better lives. If you are an ideas person it’s time to start pushing out these ideas with massive action and bringing them to scale.

All the amazing tech innovation of the past decade, do you sometimes think “oh I could have thought of that”. It’s quite hilarious how simple most of todays value driving tech businesses are. but alas someone had to push them out at scale to the mass market.They simply had the attitude of doing it rather than thinking about. You could be the next Uber, Spotify or Afterpay. All solutions to everyday problems, or problems people didn’t even realise they had.

The only thing that is going to turn that idea into reality is action. So go forth with massive action and create that amazing product the world deserves to have. Here is another tip, if you put it out to the world for feedback, don’t take too long to make it happen otherwise you might just see someone else (usually no malice) bringing it out into the world. Ideas travel!

Tweet 6 – Pick an industry where you can play long term games with long term people.

While you may have many talents and strengths, to get started pick and industry where there will be the ability to have a long term play. Just as when you are making decisions on equity investment you will typically choose the long term opportunity gains over the short term.

A simple example of this would be say with energy, would you pick fossil fuel or renewable energy sector? Of course the renewable energy sector as it is the future of power generation in the world. Even further to this, you may then pick specifically renewable energy in emerging markets such as India and China who are yet to fully adopt it as part of their power mix.

Added to this as the initial point mentions choose something that you are familiar with. A great example of sticking to what you know is Warren Buffett. He ONLY ever invested in stocks and companies which he understood. To be an owner in a business and be unsure of what it does or how it works, makes it extremely hard to understand how you can add value. Stick to what you know or if you don’t understand it, learn about it first.

Tweet 7 – The Internet has massively broadened the possible space of careers. Most people haven’t figured this out yet.

The internet is quite possibly the most impactful innovation in the history of our species. It literally is a place to learn how to get rich. The scary part is how few people understand the potential of this and how this can possibly mold the future of their careers. It has created a swagger of new professions. It is estimated that 1.2 million people are employed due to internet commerce. It is expected to hit 5 trillion dollars in e-commerce sales within the next few years.

The other thing to account for is the gig economy and how the internet is evolving just how people work. There is a growing trend that less people will be employed and be working in the ‘gig’ economy and remotely from the traditional employer. It is now time to be prepared for this new horizon.

Tweet 8 – Play iterated games. All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest.

Compound interest is simply the greatest mechanism for creating wealth. While this technically speaking is a finance term, compound interest also works into all facets of your life. This can be your relationships, your habits, your lifestyle and so on. Compound interest has a snowball effect that you have to adapt to. This snowball effect becomes one of your life’s philosophies as you make a commitment to continuously perform actions everyday that will help you achieves the goals that you want in life. This compound interest allows for a shorter time frame for things to be achieved.

This can be demonstrated in very obvious ways. There is obviously the compound interest in financial terms. You invest X and you receive X + Y in returns. This process repeats itself. This also occurs with things such as healthy habits, take exercise. With continuous effort your body will transform from being unfit to a physical machine when you put in the continuous effort.

9. Pick business partners with high intelligence, energy, and, above all, integrity.

There is a natural law which shows that you are the output of the 5 closest people to you. So when choosing people to spend time with, choose wisely. This especially rings true when it comes to business associates and partners. As a rule it’s always best to choose people with high intelligence and high energy. The most important selection criteria of course is that they have absolute integrity. People you move into wealth growing ventures ultimately must be people of high integrity, ones that you trust and also admire.

Surround yourself with amazing people. People who help lift you up with positive action and are full of optimism. I personally decided to rid my life of negative people in my journey of personal growth. One by one I started spending less time with people who were overly negative and lacked motivation to achieve. It may sound selfish, but the reality is we have one effort at this game called life, lets make the most of it and surround ourselves with other high achievers.

Tweet 10 – Don’t partner with cynics and pessimists. Their beliefs are self-fulfilling.

I kind of touched on this in the previous point. The cynics and pessimists of the world deserve little of your attention. They tend to be people who are bound by the fixed mindset and rarely have ambition to achieve. Your time is the only real currency you can trade in in life and to involve the negative Nancy’s of the world in it, is simply a waste of time. Drop the negative people out of you life ASAP, it will be the best decision you make.

Note: If you do use social media platforms, do yourself a massive favour. Unfollow any person who is overly negative and pessimistic. In fact any information which brings you down. Get rid of it. A mindset of success recognises that there are bad things that happen in the world, you just don’t need to be smashed in the face by it all the time.

Tweet 11 – Learn to sell. Learn to build. If you can do both, you will be unstoppable.

Selling seems to have become a dirty word of society, when in truth everyone is selling something. To build wealth ultimately, you will need to sell something, whether that is a product, an idea or yourself. A good start on learning how to sell and persuade others is the great book by Robert Cialdini, Influence: The Psychology of Influence. In this book he has identified 7 key influencers of persuasion (based on 35 years of evidence based research): Weapons of influence (aka reason why), Reciprocation, Commitment & Consistency, Social proof, Liking, Authority and Scarcity. I highly recommend this book if you want to learn anything about persuading others.

The other thing to do right now is start following Grant Cardone, the godfather of selling. He is an ultimate weapon when it comes to selling and if you want to learn the way of selling today, he is your go to guy (in my humble opinion).

The second part of this point is learn to build, or at least learn how to turn your ideas and concepts into reality. There is an abundant amount of knowledge out there and you do not need to be a coding king or know how to build websites. You just need to know how to turn your concept into reality. Knowing how to code can be a boon to your skill base and if you are young I’d highly suggest getting the basics of it down. In fact at any age! Go and learn how to code.

Finally Naval’s point is that if you can do both, you will be an unstoppable force of nature. Knowing to sell what you have built will be the fastest path to prosperity. Especially if you have a tonne of killer ideas.

Tweet 12 – Arm yourself with specific knowledge, accountability, and leverage.

One of the paths I have taken is the adoption of the growth mindset and this has really assisted me with pushing to places I have never gone before. What does this mean though? Well you need to learn all that you can for what endeavors you are planning on undertaking. Get the specific knowledge that is required.

Place the much needed accountability on yourself to make sure that you remain focused andd on par to hit your goals and achievements. This will in turn provide you with the required leverage to reach where you plan to go. Remain in this groove of continuous improvement and be armed with the skills and knowledge you require, keep your self aligned and place massive effort into your planned achievements. As one fine boss once said to me, persistence overcomes resistance.

Keep this is mind whenever you are straying down the path of quick wins and get rich schemes. They do not exist! It can happen but, thats called the lottery and winners do not gamble on those kinds of odds.

Tweet 13 – Specific knowledge is the knowledge that you cannot be trained for. If society can train you, it can train someone else, and replace you.

If getting specific knowledge was easy then basically the whole world would be billionaires. Specific knowledge is something that is not available on tap. It’s the ability to find quality and unmatched sources of information which when consumed by you will become specific knowledge. For all the information that you consume and understand that will help you set yourself apart from the crowd, this will increase your value as an individual. This is not something that happens overnight for most but something that takes many years.

Tweet 14 – Specific knowledge is found by pursuing your genuine curiosity and passion rather than whatever is hot right now.

Go down that rabbit hole of learning. To pursue a wealth mindset as stated earlier you need to pursue things that are of interest to you. Delve into this specific topic as much as you can. Pursue this with genuine passion and curiosity. Don’t follow the trends and what is “hot right now” this is not going to set you apart from the crowd. Be the trend setter not the follower. Wealth is created by being those who solve the disconnection and add value to peoples lives. Go out and be great, learn, learn and learn!

Tweet 15 – Building specific knowledge will feel like play to you but will look like work to others.

I love this thought pattern. When the world is doing one thing yet you are out there being your crazy self doing B, people will assume you are doing work. The reality is you are in your zone, so while everyone is doing A you are busy changing the world and creating something unique and great that you are passionate about. This formula seems foreign to everyone else except you, that’s ok because you are building knowledge in an area that you love.

Tweet 16 – When specific knowledge is taught, it’s through apprenticeships, not schools.

It sounds harsh but greatness is not taught in schools. Schools are part of the industrial complex which grooms people to be minions of society. As Seth Godin one my favourite writers said, “there’s a shortage of people who are willing to stand up and do something interesting and unique. School is a complete failure.”

It is so true though. Nearly everything you learn in school adds little value to your adult life. We cram our kids into these places of learning so that they can become adults prepared for what? Higher education. What people really need is real work and apprenticeships where you will find out the real secrets of the work you want to do. This is where REAL learning happens.

If you want to really go and learn something. Ask someone to go and work for them. I’m personally a perennial job hopper but the knowledge I have gained across many industries and many facets of the business world has now placed me a position to start launching my own products.

Tweet 17 – Specific knowledge is often highly technical or creative. It cannot be outsourced or automated.

The creativity of and an employee is basically the reason why employers value one employee more than another. Building specific skills and knowledge is a base which is typically highly creative or technical. What does this mean? Well, just as the first line states this is highly valued by others. If you have specific knowledge, know that this is extremely desirable to other people. If you can, be this person in life.

Tweet 18 – Embrace accountability, and take business risks under your own name. Society will reward you with responsibility, equity, and leverage.

Yes!! Don’t fall prey to the fixed mindset. Be 100% accountable for everything you undertake in life. Don’t accuse and point fingers at other people when something goes wrong. Take full accountability.

When you take on business risks, you do this undertaking all accountability. Yes these business risks comes with a whole load of ‘ifs’, ‘buts’ and ‘hows’. This is the moment you need to stand up and accept this responsibility. If something goes wrong, it is your job to fix. This kind of accountability will drive equity and boost your leverage.

By doing this you will see that the universe will throw back at you more and more opportunities and you will then have another moment WTF! Take them and continue to grow into the awesome you deserve to be.

Tweet 19 – The most accountable people have singular, public, and risky brands: Oprah, Trump, Kanye, Elon.

The ultimate level of responsibility in brand ownership is when you are the singular. When you are the brand. Great people have built up their personal brand to be an item in itself. That’s why these people have ultimate leverage and equity. They have set of expectations that they must live up to and with this comes a huge value on your time. The ultimate goal is to build this personal brand where people will pay tons of money just to share time with you.

Tweet 20 – Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media).

Create that business leverage through creating something that has no marginal cost of replication. This in essence is creating something that is either code or media based. Take for example most of the booming tech startups are fine examples of this phenomenon. The finest example of this is Amazon, who never really ever created a product at first but used a tech platform to aggregate shopping. It was unprofitable for years but this did not impact its growth and company value. It had business leverage of having a HUGE customer pool and a brand name which spoke for itself. This is ultimate leverage. This is ultimate fortune.

Tweet 21 – Capital means money. To raise money, apply your specific knowledge, with accountability, and show resulting good judgment.

This one is fairly simple and to the point. Apply the specific knowledge and earn some money. Do this with ultimate accountability and make good judgement of how to use this money. The typical method with generating wealth is to reinvest rather than splurging on crap you do not need. In the sense of creating a product reinvesting into that product is a great way of continuing to build the value and working on that compound interest effect.

Tweet 22 – Labor means people working for you. It’s the oldest and most fought-over form of leverage. Labor leverage will impress your parents, but don’t waste your life chasing it.

This I believe is a reflection of the current system and how it works. Yes in the old world leverage was in people working for you. The industrial revolution was basically an era where people were the machines. This is not something you should be chasing today to build wealth. With the boom of the tech world we do not need thousands of workers to build empires. A team of coders and their specific knowledge can typically be all thats needed to built ultimate wealth. Look at the new model, learn how to sell and build something awesome.

Tweet 23 – Capital and labor are permissioned leverage. Everyone is chasing capital, but someone has to give it to you. Everyone is trying to lead, but someone has to follow you.

In the old world framework you simply need people who are willing to pay you money for your labour services. You need people who want to buy your stuff. It all requires their permission to hand over their capital. You are always chasing it in the old world. You need a horde of followers for wealth creation. Where as Tweet 24 is the new world.

Tweet 24 – Code and media are permissionless leverage. They’re the leverage behind the newly rich. You can create software and media that works for you while you sleep.

Build something awesome and you will get rich while you sleep. What a great way to think. I just spoke of the Amazon example. But this can be brought down to simple ways of building products that don’t need to be huge. Take for example at its simplest form a Blog such as this. It in itself is a media player, with enough love and effort placed on it, it can become an asset. Traffic in today’s world has a price and this traffic can be monetised. You don’t need to be a coding genius to become part of this new tech online world. There are plenty of people far less smarter than you crushing it.

Tweet 25 – An army of robots is freely available – it’s just packed in data centers for heat and space efficiency. Use it.

Yes a whole new world of computer power is waiting for us. With the rise of cloud based data centers, we have all the computing power and storage at our disposal. Build something that can leverage this technology and wealth will come to you. I am indeed looking forward to my new gig where as part of that I will be tapping into the power of this robot army and building levels of efficiency to it.

Tweet 26 – If you can’t code, write books and blogs, record videos and podcasts.

Just as I mentioned in tweet 24, you do not need to be a coder to win in this new world. We also live in a new world of media and creativity. This is allowing people to build incomes from new and emerging platforms, even old ones (such as books). Do yourself a favour if you want to learn a bit more about this space please read the book by Gary Vaynerchuk called Crushing It. This is your bible in how to excel in this world of new media.

Leverage is the the ultimate multiplier for you judgement. As your leverage grows so does your level of judgement as you have this foundational base of leverage which allows you to have more accountability and judgement

Tweet 28 – Judgement requires experience but can be built faster by learning foundational skills.

Experience isn’t everything to building your judgement. Simply by learning foundation skills this can help you build your judgement. I would suggest the foundational skill of numeracy to be an extremely important one. Understanding basic arithmetic will assist in making better financial judgement. Being committed to continuous learning and improving these skills will indeed accelerate your judgement skills.

Tweet 29 – There is no skill called “business.” Avoid business magazines and business classes.

There is an irony in me commenting on this as my major, some twenty years ago in college was ‘Business’ and totally get the point. Business is just something that everyone should be good at. Yes you can go to classes to learn theory about business but back to Tweet 16. Apprenticeships are the way forward, getting skills from trial and failure or learning from doing the work is the way forward.

The final nine tweets of Naval Ravikants – How to get rich without getting lucky tweet storm are fairly self explanatory. Learn more, value your time, just do it, have a value, work hard, be the best and in time it will come. Remember there is no such thing as a get rich quick scheme.

Please see below the final nine:

Tweet 30 – Study microeconomics, game theory, psychology, persuasion, ethics, mathematics, and computers.

Tweet 31 – Reading is faster than listening. Doing is faster than watching.

Tweet 32 – You should be too busy to “do coffee,” while still keeping an uncluttered calendar.

Tweet 33 – Set and enforce an aspirational personal hourly rate. If fixing a problem will save less than your hourly rate, ignore it. If outsourcing a task will cost less than your hourly rate, outsource it.

Tweet 34 – Work as hard as you can. Even though who you work with and what you work on are more important than how hard you work.

Tweet 35 – Become the best in the world at what you do. Keep redefining what you do until this is true.

Tweet 36 – There are no get rich quick schemes. That’s just someone else getting rich off you.

Tweet 37 – Apply specific knowledge, with leverage, and eventually, you will get what you deserve.

Tweet 38 – When you’re finally wealthy, you’ll realize that it wasn’t what you were seeking in the first place. But that’s for another day.

“How to Get Rich (without getting lucky)” by Naval Ravikant (Summary & Infographic)

I finally carved out 3.5 hours to listen to the full audio of “How to Get Rich” by Naval Ravikant.

Here are the full transcript and full audio if you want to read and listen at the same time for extra impact:

As you may or may not know, it’s based on this epic tweetstorm, but also includes some extra content. According to Naval, the tweetstorm should have been called “How to Create Wealth,” but “How to Get Rich” was a more catchy title.

How to Get Rich (without getting lucky):

Note: Premium Members have access to my ultimate synthesis of all of Naval’s wisdom:

Quick Housekeeping:

Summary Contents: Click a link to jump to a section below

Money & Wealth:

Entrepreneurship:

Leverage:

Important Skills:

“How to Get Rich (without getting lucky)” by Naval Ravikant (Summary & Infographic)

Everyone wants to know how to solve their money problems, but most don’t have a good set of principles for wealth.

If you want to be wealthy and free:

Who is this for?

Money & Wealth

Mythbusting Traditional Work:

This is probably one of the absolute most important points. You’re probably not going to create wealth through work. There are many reasons for that, but the most basic is because your inputs are very closely tied to your outputs. You can’t earn non-linearly.

Human Cooperation & Exchange:

The notion of exchange, and keeping track of credits and debits, this is built into us as flexible social animals.

Wealth Creation:

My definition of wealth is oriented toward businesses and assets that can earn while you sleep.

Compound Interest:

All the benefits in life come from compound interests—relationships, making money, learning, etc.

Freedom & “Retirement”:

The purpose of wealth is freedom; it’s nothing more than that. The ultimate purpose of money is so you don’t have to be in a specific place, at a specific time, doing anything you don’t want to do. It’s about being your own sovereign individual.

Beyond Wealth:

When you’re finally wealthy, you’ll realize that it wasn’t what you were seeking in the first place.

Entrepreneurship

Entrepreneurship in a Nutshell:

Entrepreneurship is essentially an act of:
– Creating something new from scratch
– Predicting that society will want it
– Figuring out how to scale it and get it to everybody in a profitable, self-sustaining way

To make it even simpler: What am I really good at that the market values?

“Productize Yourself.”

Babak Nivi, Naval’s co-founder at AngelList, summed it all up in this equation: Eventual Outcome =

Founder-Product-Market Fit:

The combination of the three should be your overwhelming goal. The most important thing for any entrepreneur is to find founder-product-market fit, where you are naturally inclined to build the right product for a market (taking into account how well a founder is personally suited to the business). It’s inevitable if you’re doing something you love and the market wants it.

1. Founder:

What am I obsessed with?

Where am I a natural? Is this authentic to me?

Where is my unique combination / intersection?

What feedback have I received from others?

2. Product:

What would I create just because I need / want it?

What’s a product I can build that I’m excited to work on, where I have specific knowledge?

When you’re searching for what to do, you have two different foci to keep in mind. You want to arrive at a comfortable place where you feel, “This is something I can be amazing at, while still being authentic to who I am.”

Become the best in the world at what you do.

3. Market:

Where is a market emerging?

Does the product have no marginal cost of reproduction?

Am I utilizing network effects?

Am I scaling it (with labor or capital or code or media)?

Wealth as a Byproduct:

Society will pay you for creating things that it wants. You will get rich by giving society what it wants but does not yet know how to get. At scale.

Inspiration-Sprint-Rest Cycles:

The way people tend to work most effectively, especially in knowledge work, is to sprint as hard as they can while they feel inspired to work, and then rest. You reassess and then you try again. You end up building a marathon of sprints.

Leverage

What is Leverage?

We are now living in an age of nearly infinite leverage, and all the great fortunes are created through leverage.

Forms of Leverage:

Labor Leverage (Permission-Based):

Capital Leverage (Permission-Based):

Code & Media Leverage (Permissionless):

Scale of the Internet:

The fundamental property of the internet is it connects every human to each other human on the planet. You can now reach everyone.

Accountability:

Accountability is important because that’s how you’re going to get leverage. That’s how you’re going to get credibility. It’s also how you’re going to get equity / a piece of the business.

Judgment:

Once you have leverage, what do you do with it? Well, the first part of your career’s spent hustling to get leverage. Once you have the leverage, then you want to slow down a bit, because your judgment really matters.

Wisdom:

Wisdom is knowing the long-term consequences of your actions and then making the right decision to capitalize on that.

Specific Knowledge:

Building specific knowledge will feel like play to you but will look like work to others.

Important Skills

5 Most Important Skills:

If you’re good with computers, if you’re good at basic mathematics, if you’re good at writing, if you’re good at speaking, and if you like reading, you’re set for life.

Learn to Sell, Learn to Build:

If you can do both, you will be unstoppable.

Reading:

The most important thing is just to learn how to educate yourself and the way to educate yourself is to develop a love for reading.

Learning:

Focus on the foundations. The ultimate foundations are mathematics and logic.

Decision Making:

You have to reject most advice. But you have to listen to enough of it, and read enough of it, to know what to reject and what to accept.