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The Almanack of Naval Ravikant
Retirement & Lifestyle
Retirement is when you stop sacrificing today for an imaginary tomorrow. When today is complete, in and of itself, you’re retired. How do you get there?
- 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. You enjoy it so much, it’s not about the money.
And the best way to stay away from this constant love of money is to not upgrade your lifestyle as you make money. If you can hold your lifestyle fixed and hopefully make your money in giant lump sums as opposed to a trickle at a time, you won’t have time to upgrade your lifestyle. You may get so far ahead you actually become financially free.
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SIMILAR ARTICLES & IDEAS:
5
Key Ideas
How you can invest in yourself
The foundation for every personal pursuit in life is to invest in yourself. It can take years. How you can do it:
- Learn to build something. If you can create something valuable w...
Income generation
Once you have ideas, you want to put your ideas to work. If you do that, you can start creating value. When we create value, we generate income.
During the pandemic for example, most restaurant owners had to focus on other ideas to generate income. Building wealth is not easy. We need a constant supply of ideas.
Asset investing
It is anything that will increase your wealth without personal labor.
- Businesses. This is a broad asset class. You can buy dividend-stocks on the market, and then the companies will pay you a share of the profit. You can start your own business. You can buy into other private businesses.
- Bonds. When you invest in bonds, you collect interest just like your bank is collecting on a mortgage.
- Books. A good book will generate cash for a long time.
Assets that don't generate cash, but might increase in value.
- Land. A piece of land generates cash when you rent or lease it.
- Collectibles such as art or watches.
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Key Ideas
Stress + Rest = Growth
You need to push to the outer limits of your current ability, and then follow that hard work with appropriate recovery time.
This is how you grow your mind and get better at any skill....
Focus on the Process
The best athletes and entrepreneurs aren’t focused on being the best; they’re focused on constant self-improvement.
Concentrating on the process is best for both performance and mental health. It lifts off your shoulders a huge burden, so you can concentrate on the things you can control.
Stay Humble
Knowledge is always evolving and advancing — if you want to evolve and advance with it, you need to keep an open mind.
And to keep an open mind, leave your ego at the door.
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Key Ideas
The era of problem-solving generalists
From an era of specialized workers having expertise in one particular activity, the professional world has slowly moved towards problem-solving generalists. Workers are asked to don differe...
The pursuit of mastery
Mastery, once a sought-after attribute, is falling out of favour, according to the 2016 World Economic Forum report, and is slowly clearing the field for employees who can:
- Have a diverse set of skills.
- Can display the mental agility to switch between tasks.
- Are able to pivot towards a new problem or activity.
- Can take on a variety of roles at a short notice.
Expertise decline consequences
With the value of true expertise in serious decline, and the economy evolving towards a different set of requirements from employees, the impact on college education, career paths, worker safety, employability and even the nature of work is going to be profound.