Episode 3 – Naval Ravikant

Seek Wealth, Not Money or Status
Make Abundance for the World
Making Money Isn’t About Luck
Making money isn’t about luck

4 types of luck

Blind luck

Luck from hustling

Luck from preparation

Luck from your unique character

In 1,000 parallel universes, you want to be wealthy in 999 of them
Wealth stacks up one chip at a time, not all at once
Make Luck Your Destiny
Build your character so opportunity finds you
You Won’t Get Rich Renting Out Your Time
Live Below Your Means for Freedom
Give Society What It Doesn’t Know How to Get
The Internet Has Massively Broadened Career Possibilities
Play Long-Term Games With Long-Term People
Pick Partners With Intelligence, Energy and Integrity
Arm Yourself With Specific Knowledge
Specific Knowledge Is Highly Creative or Technical
Learn to Sell, Learn to Build
Read What You Love Until You Love to Read
There’s No Actual Skill Called ‘Business’
Embrace Accountability to Get Leverage
Take Accountability to Earn Equity
Labor and Capital Are Old Leverage
Product and Media Are New Leverage
Pick a Business Model with Leverage
Example: From Laborer to Entrepreneur
From low to high specific knowledge, accountability and leverage
Laborers get paid hourly and have low accountability
General contractors get equity, but they’re also taking risk
Property developers pocket the profit by applying capital leverage
Architects, large developers and REITs are even higher in the stack
Real estate tech companies apply the maximum leverage
Judgment Is the Decisive Skill
Set an Aspirational Hourly Rate
Work As Hard As You Can
Be Too Busy to ‘Do Coffee’
Ruthlessly decline meetings
Be too busy to ‘do coffee’ while keeping an uncluttered calendar
First, I keep a very clean calendar. I have almost no meetings on it. When some people see my calendar, they almost weep.
Ruthlessly cut meetings
People will meet with you when you have proof of work
Free your time and mind
Keep Redefining What You Do
Escape Competition Through Authenticity
Play Stupid Games, Win Stupid Prizes
Eventually, You Will Get What You Deserve
Reject Most Advice
Most advice is people giving you their winning lottery ticket numbers
A Calm Mind, a Fit Body, a House Full of Love
There Are No Get Rich Quick Schemes
Productize Yourself
We Should Eventually Be Working for Ourselves
Kelly Criterion: Avoid Ruin
Don’t ruin your reputation or get wiped to zero
Turn Short-Term Games Into Long-Term Games
Compounding Relationships Make Life Easier
Price Discrimination: Charge Some People More
Price discrimination is a technique for charging certain people more
Rich people and large enterprises are willing to pay more
Consumer Surplus: Getting More Than You Paid For
Externalities: Calculating the Hidden Costs of Products
Bonus: Finding Time to Invest in Yourself

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