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Naval shares in a quick summary what are the 3 foundations that you will need if you want to get extremely rich over your lifetime.
Enjoy!
👉 Naval Ravikant
📲 How to Get Rich (podcast)
► https://www.youtube.com/watch?v=1-TZqOsVCNM&t=859s&ab_channel=Naval
📚 Books
📖 The Almanack of Naval Ravikant, by Eric Jorgenson.
► Free - https://www.navalmanack.com/
► Amazon Store (affiliate Link - No Extra Charge) - https://amzn.to/3qNAKBc
----- Source -----
https://www.youtube.com/watch?v=nRL_ulHCtlI&list=WL&index=40&t=507s&ab_channel=StoicChow
✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎ End Notes ✎ ✎ ✎ ✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎
- There is No skill called business.
- Many of these products / services are usually in Technology (sector).
1. Specific Knowledge
- (The product / service) will come out of your specific knowledge --Knowledge that only You have (or a small group of people).
• You build specific knowledge by following your passion, hobbies, genuine intellectual curiosity...
• If you implement your specific knowledge into a product / service -- You will get paid well because You will be the only one who can do it!
- You scape competition through authenticity
- Do something that other people don't know how to do. At scale and when (society) wants it.
2. Accountability
- Build a Personal Brand along the way.
• Cost? -- Being accountable.
Where?
- Twitter, Youtube
3. Leverage
- work with No Leverage: x (units) of input -- x (units) of Output
- work with Leverage: x (units) of input -- [ x (units) * Leverage ] of Output
- The Kinds of Leverage available:
• (You need at least one of them)
• * 1) Labor
*** Other people working for You
*** Difficult to Maintain
** 2) Capital / Money
** 3) Products with No Marginal Cost of Replication
***(the most democratized leverage -- is permissionless)
*** e.g./ Books, Media, Code...
✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎ ✎ ✎ ✎ ✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎✎✎✎✎✎
#NavalRavikant #HowToGetRich
🎶 🎶 🎶 🎶 🎶 🎶 🎶 🎶 🎶 Music Credits 🎶 🎶 🎶 🎶 🎶 🎶 🎶 🎶 🎶
🎸 Audionautix
Your Intro by Audionautix is licensed under a Creative Commons Attribution 4.0 licence. https://creativecommons.org/licenses/by/4.0/
Artist: http://audionautix.com/
🎸 LoFi Beats
- Purrple Cat – Journey’s End
- Watch: https://youtu.be/jBdLvNCrgWA
- Download/Stream: https://fanlink.to/AdventureIsland
--------- Time Codes -----------
0:00 - Intro
0:55 - Specific Knowledge
1:52 - Brand & Accountability
2:34 - Leverage
5:00 - Summary
6:00 Overshooting
6:52 - Notes Section
7:44 - Reflections
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