How to Make Wealth by Naval Ravikant(ALMANACK)

How to Make Wealth by Naval Ravikant(ALMANACK)

How to make wealth (without being lucky)

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Edem Gold
·Nov 2, 2021·

4 min read

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Making money is not a thing you do it's a skill you learn. -Naval Ravikant

This is not one of my typical tech articles. But as I grow, I've understood that growing wealth is an important skill everyone should have but few can master.

In this article, I am going to write about the teachings of one of the greatest entrepreneurs alive, Naval Ravikant.

The information contained in this article are from the book The Almanack of Naval Ravikant, by Eric Jorgenson

Who is Naval Ravikant

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According to Wikipedia, Naval Ravikant is an Indian-American entrepreneur and investor. He is the co-founder, chairman, and former CEO of Angel List. He has invested early-stage in over 200 companies including Uber, FourSquare, Twitter , Wish.com , Poshmark , Postmates , Thumbtack , Notion) , SnapLogic , Opendoor , Clubhouse) , Stack Overflow , Bolt, OpenDNS , Yammer , and Clearview AI , with over 70 total exits and more than 10 Unicorn companies.

How to make Wealth (without being lucky)

  • 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.
  • Understand ethical wealth creation is possible if you secretly despise wealth, it will elude you.
  • 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.

  • You will get rich by giving society what it wants but doesn't know how to get. At scale.

  • Pick an industry where you can play long-term games with long-term people.

  • 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.

  • Pick business partners with high intelligence, energy, and above all integrity.

  • Don't partner with cynics and pessimists. Their beliefs are self-fulfilling.

  • Learn to sell, learn to build. If you can do both you'll be unstoppable.

  • Arm yourself with specific knowledge, accountability, and leverage.

  • Specific knowledge is the knowledge you cannot be trained for, if society can train you, it can train someone else and replace you.

  • Specific knowledge is found by pursuing your genuine curiosity and passion rather than whatever is hot right now.

  • Building specific knowledge will feel like play to you but will look like work to others.

  • 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.

  • Judgement requires experience but can be built faster by foundational skills.

  • There is no skill called business. Avoid business magazines and business classes.

  • Study microeconomics, game theory, psychology , persuasion , ethics, mathematics and computers.

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

  • 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.

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

  • There are no get rich quick schemes those are just someone else getting rich of you.

  • Apply specific knowledge, with leverage and eventually you will get what you deserve.

  • When you're finally wealthy, you'll realize that it wasn't what you were seeking in the first place.

  • Productize Yourself.

  • Technology democratizes consumption but consolidates production. The best person in the world gets to do it for everyone.

  • Escape competition through authenticity.

If you want the book -The Almanack of Naval Ravikant by Eric Jorgenson, click here.

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Stay safe and dangerous, see you on the next one🚀

 
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