Author:Eric Jorgenson
My recommendation: 5/5
Summary: Naval Ravikant is someone who’s views on the world I greatly respect. This books organized his thoughts and views on life, business, generating wealth, happiness and philosophy..
My Takeaways:
Wealth is a skill that can be learned
Do not trade time for money, you should own a piece of a business (equity) to generate true wealth.
You will get rich by giving society what it wants, but does not know how to get it at scale.
Pick an industry with long term games with long term people.
The best skills to learn are selling and building.
Arm yourself with specific knowledge accountability and leverage
Specific knowledge is knowledge that you can’t train for. If society can train you, then they can train someone else and replace you.
Embrace accountability and take business risks under your own name. Society will reward you a specific equity responsibility and leverage
Fortunes require leverage. Leverage can be capital, people and product with no marginal cost to replicate, code and media in the context of business leverage
Reading is faster than listening and doing is faster than watching.
There are no get rich quick schemes, those are just others getting rich off of you.
Productize yourself.
The internet enables any niche interest as long as you’re the best person to scale it out.
Escape competition through authenticity.
The most important skill to becoming rich is becoming a perpetual learner.
Foundations are key. It’s much better to be a 9/10 or a 1o/ 10 on the foundations then to get super deep into things.
Follow your intellectual curiosity more than whatever is hot right now. If you like it now but will be bored with a later, then it’s a distraction.
Set a very high aspirational rate for yourself and outsource any tasks that are below your rate for your time.
The only way to build wealth is to build a business that is leveraged. Leverage comes in the form of labor capital, code and media.
Those attacking wealth creation are playing an old status game that is a zero sum game. Avoid status games as much as possible such as politics.
The way to get out of the competition trap is to be authentic. This is by doing something you love.
Apply specific knowledge with leverage and eventually you will get what you deserve.
You get rich by saving your time to make more money.
Lean into the short term pain for the long term gain.
Read books on the foundations first. The order in which you acquire knowledge through reading is important.
The best way to retain information from books is to teach it to others.
Happiness is there when you remove the sense that something is missing.
Easy choices, easy life. Hard choices, hard life.
Don’t build your checklists based on what someone else thinks.
The harder the workout, the easier the day.
Meditation is fasting for the mind.
Accept everything. Choice-less awareness.
All benefits from life come from compound interest. Long term decisions instead of short term decisions.
Resources:
- https://www.navalmanack.com/