Ian Nathaniel Puang's Key Ideas from ALMANACK OF NAVAL RAVIKANT
by Eric Jorgenson
Ideas, facts & insights covering these topics:
18 ideas
·7.79K reads
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Wealth
- making money is not a thing you do, it’s a skill you learn
- getting rich is about knowing what to do, who to do with, and when to do it
- you should not grind at a lot of hard work until you figure out what you should be working on
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832 reads
Wealth vs Money
- money is how we transfer wealth
- money is social credit, having the ability to have credits or debits of other people’s time
- wealth is assets that earn while you sleep
- wealth is the factory, the robots, cranking out things
- wealth is the computer program that’s running at night, serving other customers
- wealth is money in the bank that is being reinvested into other assets, and into other businesses
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Technology democratizes consumption but consolidates production. The best person in the world at anything gets to do it for everyone
NAVAL RAVIKANT
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601 reads
- the challenge to make money is to figure out what product or service society wants but does not yet know how to deliver it at scale
- without ownership, you are being paid renting out your time
- when sleeping, on vacation, or retired, you’re not earning
- work up to a point where you can own equity in a business
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Money leverage
- dominant form of leverage for the last century
- capital is trickier form of leverage
- banker, politician
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Product with no marginal cost of replication leverage
- media, movies, and code
- code is permissionless leverage, which means they don’t require somebody else’s permission for you to use them or succeed
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Prioritize independence
- optimize for independence rather than pay
- if you have independence and you’re accountable on your output, as opposed to your input - that’s the dream
- what you want in life is to be in control of your time
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380 reads
Accountability
more accountability has more leverage, and more risk, and needs more specific knowledge
- labor to repair house: low accountability, low risk, low payment, least leverage
- contractor: mid accountability, average risk, average payment
- real estate developer: high accountability, high risk, high leverage
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343 reads
most important things to do for younger people
- spend more time making big decisions:
- where you live
- who you’re with
- what you do
- figure out what you’re good at
- start helping other people with it
- give it away. pay it forward
- long enough time scale. you will attract what you project
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Definition of retirement
when you stop sacrificing today for an imaginary tomorrow. when today is complete, in and of itself, you’re retired
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how do you retire
- have so much money saved that your passive income covers your burn rate
- drive your burn rate down to zero → become a monk
- do something you love and enjoy it so much that it’s not about the money
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Four kinds of luck in getting rich
1) blind luck
- something completely out of their control happened, which include fortune, fate, etc.
2) luck through persistence, hard work, hustle, and motion
- you running around creating opportunities
- you generate enough force, hustle and energy for luck to find you
3) you become very good at spotting luck
- if you’re very good in a field, you will notice when a lucky break happens in your field
4) weirdest, hardest kind of luck
- you build a unique character, unique brand, unique mindset, which causes luck to find you
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How to think clearly
- making effective decisions boils down to dealing with reality
- the number one thing clouding us from being able to see reality is we have preconceived notions of the way it should be
- when you’re in pain, it is the moment of truth, where you are forced to embrace reality the way it actually is
- to see the truth, you have to get your ego out of the way because your ego doesn’t want to face the truth
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the three big ones in life are wealth, health, and happiness. We pursue them in that order, but their importance is reverse
NAVAL RAVIKANT
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you can get almost anything you want out of life, as long as it’s one thing and you want it far more than anything else
NAVAL RAVIKANT
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anger is its own punishment. An angry person trying to push your head below water is drowning at the same time
NAVAL RAVIKANT
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303 reads
IDEAS CURATED BY
Welcome, I post what i read Everything I post is in the book, I'll quote it if it's my own opinion
CURATOR'S NOTE
Enjoy reading the book as it breaks down his way of thinking and how he makes decisions in life. Hope my posts helps.
“
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