Everyone is looking for ways to get rich. Some are working hard in their jobs while others are working day and night to build an empire. However, success does not come easy to anyone.
Some may even feel that they may never find the true success that they are looking for and all their efforts are in vain. Luck plays a very vital role there. To find encouragement, people find inspiration from anywhere and everywhere.
They read books, follow success stories of successful people today, or watch videos that help them find the right path.
A few years back, Naval Ravikant who is an Indian American entrepreneur and founder of AngelList, shared an extensive thread on Twitter titled “How to Get Rich (without getting lucky)”.
AngelList is a platform for anyone wanting to invest in, or work at, a startup. As an investor, he has taken stakes in over 100 companies including Uber, FourSquare, and Twitter.
This is the thread that has become a topic of discussion amongst budding entrepreneurs.
How to Get Rich (without getting lucky):
— Naval (@naval) May 31, 2018
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.
— Naval (@naval) May 31, 2018
Understand that ethical wealth creation is possible. If you secretly despise wealth, it will elude you.
— Naval (@naval) May 31, 2018
Ignore people playing status games. They gain status by attacking people playing wealth creation games.
— Naval (@naval) May 31, 2018
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.
— Naval (@naval) May 31, 2018
You will get rich by giving society what it wants but does not yet know how to get. At scale.
— Naval (@naval) May 31, 2018
Pick an industry where you can play long term games with long term people.
— Naval (@naval) May 31, 2018
The Internet has massively broadened the possible space of careers. Most people haven’t figured this out yet.
— Naval (@naval) May 31, 2018
Play iterated games. All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest.
— Naval (@naval) May 31, 2018
Pick business partners with high intelligence, energy, and, above all, integrity.
— Naval (@naval) May 31, 2018
Don’t partner with cynics and pessimists. Their beliefs are self-fulfilling.
— Naval (@naval) May 31, 2018
Learn to sell. Learn to build. If you can do both, you will be unstoppable.
— Naval (@naval) May 31, 2018
Arm yourself with specific knowledge, accountability, and leverage.
— Naval (@naval) May 31, 2018
Specific knowledge is knowledge that you cannot be trained for. If society can train you, it can train someone else, and replace you.
— Naval (@naval) May 31, 2018
Specific knowledge is found by pursuing your genuine curiosity and passion rather than whatever is hot right now.
— Naval (@naval) May 31, 2018
Building specific knowledge will feel like play to you but will look like work to others.
— Naval (@naval) May 31, 2018
When specific knowledge is taught, it’s through apprenticeships, not schools.
— Naval (@naval) May 31, 2018
Specific knowledge is often highly technical or creative. It cannot be outsourced or automated.
— Naval (@naval) May 31, 2018
Embrace accountability, and take business risks under your own name. Society will reward you with responsibility, equity, and leverage.
— Naval (@naval) May 31, 2018
The most accountable people have singular, public, and risky brands: Oprah, Trump, Kanye, Elon.
— Naval (@naval) May 31, 2018
“Give me a lever long enough, and a place to stand, and I will move the earth.”
– Archimedes— Naval (@naval) May 31, 2018
Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media).
— Naval (@naval) May 31, 2018
Capital means money. To raise money, apply your specific knowledge, with accountability, and show resulting good judgment.
— Naval (@naval) May 31, 2018
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.
— Naval (@naval) May 31, 2018
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.
— Naval (@naval) May 31, 2018
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.
— Naval (@naval) May 31, 2018
An army of robots is freely available – it’s just packed in data centers for heat and space efficiency. Use it.
— Naval (@naval) May 31, 2018
If you can’t code, write books and blogs, record videos and podcasts.
— Naval (@naval) May 31, 2018
Leverage is a force multiplier for your judgement.
— Naval (@naval) May 31, 2018
Judgement requires experience, but can be built faster by learning foundational skills.
— Naval (@naval) May 31, 2018
There is no skill called “business.” Avoid business magazines and business classes.
— Naval (@naval) May 31, 2018
