How to get rich(without getting lucky)?

One day while I was scrolling down through my twitter feed, I came across this retweet done by someone whom I am following. Out of curiosity, I opened this tweet from Naval and started reading. I was hooked by the nuggets of wisdom he shared on wealth and money.

Wikipedia says, Naval Ravikant is an Indian-American entrepreneur and investor. He is the co-founder, chairman and former CEO of AngelList. He has invested early-stage in over 200 companies including Uber, FourSquare, Twitter, Wish.com, Poshmark, Postmates, Thumbtack, Notion, SnapLogic, Opendoor, Clubhouse, Stack Overflow, OpenDNS, Yammer, and Clearview AI, with over 70 total exits and more than 10 Unicorn companies.

Below are some of the nuggets I have curated from his tweetstorm, podcasts and from his book ‘The Almanack of Naval Ravikant: A Guide to Wealth and Happiness’ written by Eric Jorgenson.

BUILDING WEALTH:

Making money is not a thing you do – it’s a skill you learn.

Naval defines wealth as something that buys you your freedom. You want wealth because you don’t want to wear a tie like a collar around your neck, so you don’t to have to wake up at 7:00 am to rush to work and sit in a commute traffic.

You want freedom so that you don’t have to waste your life grinding productive hours away into a soulless job that doesn’t fulfill you.

How can one get rich?

Own a piece of Business

If you don’t own a piece of a business, you don’t have a path towards financial freedom. People seem to think that you can create wealth and make money through work. And it’s probably not going to work.  

You won’t get rich by renting out your time, because your inputs are too closely tied to your outputs. By renting your time, someone else is going to get wealthy and they pay you some bucks for your time in return.

What that means is when you’re retired, you’re not earning. When you’re on vacation, you’re not earning. When you’re sleeping, you’re not earning.

So, you must own equity to gain your financial freedom.

“The three most harmful addictions are heroin, carbohydrates, and a monthly salary.” 

Nassim Nicholas Taleb

Escape competition through authenticity

When you’re trying to compete with others, you are just trying to copy the people by doing the same thing. Don’t copy. Do you think anyone is going to compete with Scott Adams? Is somebody else going to come along and write a better Dilbert? No. It’s impossible. He is being authentic.

The best jobs are neither decreed nor degreed. They are creative expressions of continuous learners in free markets.

As every human is different, each person is uniquely qualified at something. You need to build that something that no one can compete with you. Invest in yourself and develop that one skill. Know yourself.

Build specific knowledge

Build specific knowledge that might be creative or technical. It can be found by pursuing your genuine curiosity and passion rather than whatever is hot right now. Remember if society can train you on something, it can train someone else too and can easily replace you. So, try to build something that can neither be outsourced nor be automated. Build something that should make you feel like play to you.  Try to become the best in the world at what you do. Keep redefining yourself until what you do is true.

Become a perpetual learner

The most important skill for getting rich is becoming a lifelong learner.

In today’s world, the means of learnings are abundant- it’s just the desire to learn that is scarce.  So, you really have to cultivate that desire to be a lifelong learner.

In an interview, Warren Buffet was once asked about his key to success. He pointed to the stack of books and said, “Read 500 pages a day. That’s how knowledge works. It builds up, like compound interest”.

When Elon musk was asked how he learned to build rockets, he simply replied, “I read books.”

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.

Learn to sell, learn to build

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

This is one of the few books which you can keep flipping for years and find new things every time you reread it again.

If you have to read just one book this year, make it this one and you will thank me later. This short book costs you around 1000 bucks. Even if you don’t want to spend that money, you can still get it FREE from here. If you are think you are too busy and you still don’t have time, listen to this podcast while you are working out.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Create a website or blog at WordPress.com

Up ↑

%d bloggers like this: