The Almanack Of Naval Ravikant - Deepstash
The Almanack Of Naval Ravikant

The Almanack Of Naval Ravikant

Eric Jorgenson

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The "Newly Rich" Way To Generate Wealth

The "Newly Rich" Way To Generate Wealth

Humanity has used several forms of leverage to create wealth through history, Naval Ravikant summarizes them into four kinds: Labour, Capital, Media and Code.

Besides leverage, the way we put work into our careers and projects can also be divided into two categories, which are Time-based work and Iterations-based work.

In this Thread I'm going to dissect these categories, go through how we can use this knowledge to find our own way to generate wealth and show how it can be permissionless and not solely based on hard work.

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What Is Leverage?

What Is Leverage?

Leverage is about disconnecting your inputs from your outputs, or increasing the ratio between one and the other.

For example, if you're a lumberjack and work by yourself, 8 hours of work will equal roughly "8 hours worth" of output, depending on your physical capacity and experience.

However, if you were to hire a team to work for or with you, you'd be leveraging your work though labour, and increasing the ratio of results to hours put in.

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Classic Kinds Of Leverage

Classic Kinds Of Leverage

Labour

  • The oldest form of leverage, existing ever since feudal societies.
  • Permissioned leverage, requires people to work for or with you.
  • Hard to manage, requires great people management skills.

Capital

  • The form of leverage behind the rich of the previous generations
  • Permissioned leverage, requires acquisition of money from other people.
  • Good credit can greatly facilitate access to this form of leverage, though it can be risky.

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"Newly Rich" Kinds Of Leverage

"Newly Rich" Kinds Of Leverage

Media

  • More recent, came to be through the printing press and exponentially blew up with the internet.
  • Permissionless, anyone can create content and distribute it to nearly the whole world.

Code

  • The most recent kind of leverage, behind the "Newly Rich".
  • Can work for you while you sleep.
  • Permissionless, any product or service created through code has near infinite capability of distribution and scalability.

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Which Kind Of Work To Leverage?

Which Kind Of Work To Leverage?

Easier and more efficient than leveraging work in which "hours worked" is the main input, you can leverage work based on iterations.

If you have the knowledge required for some manual kind of work – let's use baking as an example – you can productize the information itself instead of working solely through labour.

By creating an infoproduct such as an ebook or an online course, you'll have a product that can instantly be multiplied and sold to anyone, anywhere in the world.

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Stop Doubting Yourself, Just Start

Stop Doubting Yourself, Just Start

"But I'm not qualified enough to do it" False. Not only can you market it as beginner friendly and sell it for cheaper, you will also learn even more by creating, and then be able to reiterate and make new, diferent kinds of content.

Thanks to the new forms of leverage, you can start practically without cost, and have a product that works for you while you sleep.

Try it as a fun side project, do it with a friend, do it about a topic you love, or do it just to prove to yourself that you can leverage your knowledge and generate wealth.

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CURATED BY

What I've learned so far reading the "wealth" section The Almanack of Naval Ravikant, I strongly recommend everyone to read it.

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