We should build valuable skills. Selling skills for example. If you can create a product, you also need someone who can market it and sell it to the public. Also, you can be that person for a partnership with someone else who creates the product. What would Apple be today without the marketing and branding skills of Steve Jobs? Specific knowledge comes from your passion.

7. Find and build specific knowledge/skills

Creating wealth is a skill. Not an identity. Naval is confident that even if all his wealth is taken away right now he will regain all of it in 10 years or less. Because creating wealth is a skill and fortunately, he has learned the skillset. You can too. Your way of creating wealth should include these three points.

1. You can get rich without getting lucky

It means you should run after assets rather than money. The assets will in turn make money for you.

2. Run after wealth, not money

One way to make money is to acquire a portion of a business. Generally, when new startups are made they give some portion of the business to its founding employees. When the business is successful the founder along with those employees become rich. If you don’t have the ownership you only earn exactly proportionate to your time input.

5. Wealth is created by equity, not by selling your time

You have to create something that the people want. That too with scalability. Create a product or service that can be distributed to many people and creates lots of value. If you create a product that has lots of value for fewer people, it is as effective as a product with less value for more people. <a href="https://www.businessinsider.com/elon-musk-advice-to-companies-maximize-curve-of-customer-happiness-2020-4">Elon Musk calls it the area under the curve. </a>

3. You can’t get rich selling your time

Learn to create a product or learn to sell it. If you know how to do both, you are unstoppable.

4. Learn to create and sell

Compounding doesn’t only work for money. It also works in knowledge and relationships. For example: <a href="https://growth.eladgil.com/book/cofounders/managing-your-board-an-interview-with-naval-ravikant-part-1/">Naval says he likes to work with Elad Gil </a>. Because he has done so many deals in the past with him that they both are confident that they ensure the mutual profit.

6. Understand Compounding

To achieve massive wealth in life, you need to be in massive action. Many talks but less do. Execution is scarce and valuable. If you can think of something and execute it, you can do anything. These are the principles that Naval Ravikant used to create the wealth that he owns now which nets around 70 million. Anyone can follow these and be financially successful. As Naval said, Intentions do not matter, actions do. So let’s go do it. Thank you for reading this. You can follow me on <a href="https://twitter.com/this_topian">twitter </a>if you want.

8. Intentions do not matter, actions do

Thinking to grow your wealth? Read these snippets.

Naval Ravikant is a millionaire with net worth of about 70 Million. According to him he used the following principles to create the massive wealth.