ALMANACK OF NAVAL RAVIKANT - Deepstash

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Wealth

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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416 reads

Wealth vs Money

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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296 reads

NAVAL RAVIKANT

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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301 reads

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  • 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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250 reads

classes of leverage

classes of leverage

  1. labor
  2. money
  3. product with no marginal cost of replication

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306 reads

Labor leverage

Labor leverage

  • other human working for you
  • require leadership skills

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272 reads

Money leverage

Money leverage

  • dominant form of leverage for the last century
  • capital is trickier form of leverage
  • banker, politician

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226 reads

Product with no marginal cost of replication leverage

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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219 reads

Prioritize independence

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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188 reads

Accountability

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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168 reads

most important things to do for younger people

most important things to do for younger people

  1. spend more time making big decisions:
  • where you live
  • who you’re with
  • what you do
  1. figure out what you’re good at
  2. start helping other people with it
  3. give it away. pay it forward
  4. long enough time scale. you will attract what you project

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172 reads

Definition of retirement

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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176 reads

how do you retire

how do you retire

  1. have so much money saved that your passive income covers your burn rate
  2. drive your burn rate down to zero → become a monk
  3. do something you love and enjoy it so much that it’s not about the money

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154 reads

Four kinds of luck in getting rich

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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150 reads

How to think clearly

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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143 reads

NAVAL RAVIKANT

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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144 reads

NAVAL RAVIKANT

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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139 reads

NAVAL RAVIKANT

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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155 reads

CURATED BY

ianpuang

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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