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Naval
How to Get Rich (without getting lucky):
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Naval 31 May 18
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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.
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Naval 31 May 18
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Understand that ethical wealth creation is possible. If you secretly despise wealth, it will elude you.
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Naval 31 May 18
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Ignore people playing status games. They gain status by attacking people playing wealth creation games.
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Naval 31 May 18
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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.
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Naval 31 May 18
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You will get rich by giving society what it wants but does not yet know how to get. At scale.
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Naval 31 May 18
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Pick an industry where you can play long term games with long term people.
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Naval 31 May 18
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The Internet has massively broadened the possible space of careers. Most people haven't figured this out yet.
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Naval 31 May 18
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Play iterated games. All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest.
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Naval 31 May 18
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Pick business partners with high intelligence, energy, and, above all, integrity.
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Naval 31 May 18
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Don't partner with cynics and pessimists. Their beliefs are self-fulfilling.
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Naval 31 May 18
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Learn to sell. Learn to build. If you can do both, you will be unstoppable.
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Naval 31 May 18
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Arm yourself with specific knowledge, accountability, and leverage.
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Naval 31 May 18
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Specific knowledge is knowledge that you cannot be trained for. If society can train you, it can train someone else, and replace you.
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Naval 31 May 18
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Specific knowledge is found by pursuing your genuine curiosity and passion rather than whatever is hot right now.
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Naval 31 May 18
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Building specific knowledge will feel like play to you but will look like work to others.
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Naval 31 May 18
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When specific knowledge is taught, it’s through apprenticeships, not schools.
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Naval 31 May 18
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Specific knowledge is often highly technical or creative. It cannot be outsourced or automated.
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Naval 31 May 18
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Embrace accountability, and take business risks under your own name. Society will reward you with responsibility, equity, and leverage.
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Naval 31 May 18
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The most accountable people have singular, public, and risky brands: Oprah, Trump, Kanye, Elon.
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Naval 31 May 18
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“Give me a lever long enough, and a place to stand, and I will move the earth.” - Archimedes
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Naval 31 May 18
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Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media).
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Naval 31 May 18
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Capital means money. To raise money, apply your specific knowledge, with accountability, and show resulting good judgment.
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Naval 31 May 18
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Labor means people working for you. It's the oldest and most fought-over form of leverage. Labor leverage will impress your parents, but don’t waste your life chasing it.
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Naval 31 May 18
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Capital and labor are permissioned leverage. Everyone is chasing capital, but someone has to give it to you. Everyone is trying to lead, but someone has to follow you.
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Naval 31 May 18
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Code and media are permissionless leverage. They're the leverage behind the newly rich. You can create software and media that works for you while you sleep.
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Naval 31 May 18
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An army of robots is freely available - it's just packed in data centers for heat and space efficiency. Use it.
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Naval 31 May 18
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If you can't code, write books and blogs, record videos and podcasts.
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Naval 31 May 18
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Leverage is a force multiplier for your judgement.
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Naval 31 May 18
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Judgement requires experience, but can be built faster by learning foundational skills.
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Naval 31 May 18
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There is no skill called “business.” Avoid business magazines and business classes.
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