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

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Indicative returns per annum

 November 2018January 2020
91-day treasury bill11.3%9.4%
182-day treasury bill13.0%11.3%
364-day treasury bill13.5%12.5%
2-year treasury bond15.5%14.1%
3-year treasury bond16.8%15.0%
5-year treasury bond16.9%16.5%
10-year treasury bond17.2%14.3%
15-year treasury bond17.5%15.5%