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Find Your Way To Wealth and Happiness with Naval Ravikant | EXCERPT

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11.10.2021

The Almanack of Naval Ravikant is a collection of the Naval’s wisdom and experience from the last ten years as an entrepreneur, philosopher, and investor who has captivated the world with his principles for building wealth and creating long-term happiness. 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.

Read an excerpt:

 

UNDERSTAND HOW WEALTH IS CREATED

I like to think that if I lost all my money and you dropped me on a random street in any English-speaking country, within five or ten years I’d be wealthy again because it’s just a skillset I’ve developed that anyone can develop. It’s not really about hard work. You can work in a restaurant eighty hours a week, and you’re not going to get rich. Getting rich is about knowing what to do, who to do it with, and when to do it. It is much more about understanding than purely hard work. Yes, hard work matters, and you can’t skimp on it. But it has to be directed in the right way. If you don’t know yet what you should work on, the most important thing is to figure it out. You should not grind at a lot of hard work until you figure out what you should be working on. I came up with the principles in my tweetstorm (below) for myself when I was really young, around thirteen or fourteen. I’ve been carrying them in my head for thirty years, and I’ve been living them. Over time (sadly or fortunately), the thing I got really good at was looking at businesses and figuring out the point of maximum leverage to actually create wealth and capture some of that created wealth.

What’s the difference between wealth and money?

Money is how we transfer wealth. Money is social credits. It is the ability to have credits and debits of other people’s time.

If I do my job right, if I create value for society, society says, “Oh, thank you. We owe you something in the future for the work you did in the past. Here’s a little IOU. Let’s call that money.”

Wealth is the thing you want. Wealth is assets that earn while you sleep. Wealth is the factory, the robots, cranking out things. Wealth is the computer program that’s running at night, serv- ing other customers. Wealth is even money in the bank that is being reinvested into other assets, and into other businesses.

Even a house can be a form of wealth, because you can rent it out, although that’s probably a lower productivity use of land than some commercial enterprise.

So, my definition of wealth is much more businesses and assets that can earn while you sleep.

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

Society will pay you for creating things it wants. But society doesn’t yet know how to create those things, because if it did, they wouldn’t need you. They would already be stamped out.

Almost everything in your house, in your workplace, and on the street used to be technology at one point in time. There was a time when oil was a technology that made J.D. Rockefeller rich. There was a time when cars were technology that made Henry Ford rich.

So, technology is the set of things, as Alan Kay said, that don’t quite work yet [correction: Danny Hillis]. Once something works, it’s no longer technology. Society always wants new things. And if you want to be wealthy, you want to figure out which one of those things you can provide for society that it does not yet know how to get but it will want and providing it is natural to you, within your skill set, and within your capabilities.

Then, you have to figure out how to scale it because if you only build one, that’s not enough. You’ve got to build thousands, or hundreds of thousands, or millions, or billions of them so everybody can have one. Steve Jobs (and his team, of course) figured out society would want smartphones. A computer in their pocket that had all the phone capability times one hundred and was easy to use.

 

To read more, order your copy of The Almanack of Naval Ravikant today!

The Almanack Of Naval Ravikant
About the Book - The Almanack Of Naval Ravikant

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…

About the Author - Eric Jorgenson

To read more, order your copy of The Almanack Of Naval Ravikant, by Eric Jorgenson today!

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