How to Get Rich (without getting lucky)
Tuesday, February 5th, 2019
- 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.
- 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.
- Embrace accountability and
take business risks under your own name. Society will reward you with
responsibility, equity, and leverage.
- “Give me a lever long enough,
and a place to stand, and I will move the earth.” – Archimedes
- 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.
- 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.
Adopted from Naval Ravikant
