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.

Seek Wealth, Not Money or Status

Set and enforce an aspirational personal hourly rate. If fixing a problem will save less than your hourly rate, ignore it. If outsourcing a task will cost less than your hourly rate, outsource it.

Set and Enforce Your Hourly Rate

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.

Wealth's True Nature

Become the best in the world at what you do. Keep redefining what you do until this is true.
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.

Becoming the Best

Pick business partners with high intelligence, energy, and, above all, integrity.
Don't partner with cynics and pessimists. Their beliefs are self-fulfilling.

Choose Business Partners Wisely

Reading is faster than listening. Doing is faster than watching.

Reading, Doing, Succeeding

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.

Leverage the Internet's Opportunities

Ignore people playing status games. They gain status by attacking people playing wealth creation games.
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.

Ignore Status Games, Own Equity

Give me a lever long enough, and a place to stand, and I will move the earth.

Apply specific knowledge with leverage, and eventually you will get what you deserve.
There are no get rich quick schemes. That's just someone else getting rich off you.

Apply Specific Knowledge with Leverage

Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media).

Fortunes Require Leverage

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.

Give Society What It Wants

<ol>
<li>Learn to sell. </li>
<li>Learn to build. </li>
</ol>
If you can do both, you will be unstoppable.

Master Sales and Building

Specific knowledge is knowledge that you cannot be trained for. If society can train you, it can train someone else, and replace you.
When specific knowledge is taught, it’s through apprenticeships, not schools.
Specific knowledge is often highly technical or creative. It cannot be outsourced or automated.

Embrace Specific Knowledge

GETTING RICH IS NOT JUST ABOUT LUCK; HAPPINESS IS NOT JUST A TRAIT WE ARE BORN WITH. These aspirations may seem out of reach, but building wealth and being happy are skills we can learn.So what are these skills, and how do we learn them? What are the principles that should guide our efforts? What does progress really look like?Naval Ravikant is an entrepreneur, philosopher, and investor who has captivated the world with his principles for building wealth and creating long-term happiness. The Almanack of Naval Ravikant is a collection of Naval's wisdom and experience from the last ten years, shared as a curation of his most insightful interviews and poignant reflections. This isn't a how-to book, or a step-by-step gimmick. Instead, through Naval's own words, you will learn how to walk your own unique path toward a happier, wealthier life.

personaldevelopment

Personal Development

moneyandinvestments

Money & Investments

business

Business

books

Books

leadershipandmanagement

Leadership & Management

Getting rich is not just about luck; happiness is not just a trait we are born with. These aspirations may seem out of reach, but building wealth and being happy are skills we can learn. So what are these skills, and how do we learn them? What are the principles that should guide our efforts? What does progress really look like? Naval Ravikant is an entrepreneur, philosopher, and investor who has captivated the world with his principles for building wealth and creating long-term happiness. The Almanack of Naval Ravikant is a collection of Naval's wisdom and experience from the last ten years, shared as a curation of his most insightful interviews and poignant reflections. This isn't a how-to book, or a step-by-step gimmick. Instead, through Naval's own words, you will learn how to walk your own unique path toward a happier, wealthier life.

Eric Jorgenson is an entrepreneur, writer, and investor. He is on the founding team of Zaarly, and has been publishing online since 2014. His blog has educated and entertained over a million readers.Eric is on a quest to create (and eat) the perfect sandwich. He tweets at @ericjorgenson and publishes new pieces and projects on ejorgenson.com/blog

Becoming the Best

Similar ideas to Becoming the Best

PART 1: WEALTH

4 types of luck

The Right Questions