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There Are No Get Rich Quick Schemes
Get rich quick schemes are just someone else getting rich off you.
• There are no get rich quick schemes 0:00
• We don't have ads because it would ruin our credibility 0:56
• Every founder has to lie to every employee 2:02
• Anyone giving advice on how to get rich should have made their money elsewhere 3:02
Full show notes and transcript: http://nav.al/2019/05/23/rich-quick
|May 23, 2019|
A Calm Mind, a Fit Body, a House Full of Love
When you're finally wealthy, you'll realize it wasn't what you were seeking in the first place.
• When you're wealthy, you'll realize it wasn't what you were seeking 0:00
• A calm mind, a fit body and a house full of love must be earned 1:00
• Practical advice for a calmer internal state 1:52
• A lot of divorces happen over money, a lot of battles happen over internal anger 3:14
Full show notes and transcript: http://nav.al/2019/05/21/finally-wealthy
|May 21, 2019|
Reject Most Advice
Most advice is people giving you their winning lottery ticket numbers.
• The best founders listen to everyone but make up their own mind 0:00
• Advice is maxims you can recall later, when you get your own experience 1:29
Full show notes and transcript: http://nav.al/2019/05/20/reject-advice
|May 20, 2019|
Eventually You Will Get What You Deserve
Apply specific knowledge with leverage and eventually you will get what you deserve.
• On a long enough time scale you will get paid 0:00
• What are you really good at that the market values? 1:59
Full show notes and transcript: http://nav.al/2019/05/19/deserve
|May 19, 2019|
Play Stupid Games, Win Stupid Prizes
Competition will blind you to greater games. You're one step away from a better market.
• Businesses that seem like they're in direct competition really aren't 0:00
• My first company got caught up in the wrong game 1:23
Full show notes and transcript: http://nav.al/2019/05/17/stupid-games
|May 17, 2019|
Escape Competition Through Authenticity
Competition can make you play the wrong game. No one can compete with you on being you.
• Competition will trap you in a lesser game 0:00
• No one can compete with you on being you 1:27
• In entrepreneurship, the masses are never right 2:40
• Combine your vocation and avocation 3:45
Full show notes and transcript: http://nav.al/2019/05/16/competition-authenticity
|May 16, 2019|
Keep Redefining What You Do
Become the best in the world at what you do. Keep redefining what you do until this is true.
• Keep redefining what you do until you're the best at what you do 0:00
• Find founder-product-market fit 1:35
Full show notes and transcript: http://nav.al/2019/05/13/redefining
|May 13, 2019|
Be Too Busy to “Do Coffee”
You should be too busy to “do coffee”, while still keeping an uncluttered calendar.
• Be too busy to “do coffee” while keeping an uncluttered calendar 0:00
• People will meet with you when you have proof of work 2:00
• Networking is overrated even early in your career 2:09
Full show notes and transcript: http://nav.al/2019/05/08/meetings
|May 08, 2019|
Work As Hard As You Can
Work as hard as you can. Even though what you work on and who you work with are more important.
• Work as hard as you can 0:00
• But what you work on and who you work with are more important 1:00
• Nobody really works 80 hours a week 2:22
• Inspiration is perishable 3:05
• Impatience with actions, patience with results 3:36
Full show notes and transcript: http://nav.al/2019/05/06/work-hard
|May 06, 2019|
Set an Aspirational Hourly Rate
If outsourcing a task will cost less than your hourly rate, outsource it.
• Set and enforce an aspirational hourly rate 0:00
• You can't penny pinch your way to wealth 1:27
• My aspirational rate was $5,000/hr 1:56
• If you can outsource something for less than your hourly rate, outsource it 2:57
• Your hourly rate should seem absurdly high 3:39
Full show notes and transcript: http://nav.al/2019/05/01/hourly-rate
|May 01, 2019|
Judgment Is the Decisive Skill
Everything we've discussed so far has been setting you up to apply judgment.
• In an age of infinite leverage, judgment becomes the most important skill 0:00
• Everything else you do is setting you up to apply judgment 1:21
• Judgment is knowing the long-term consequences of your actions 2:40
• Without experience, judgment is often less than useless 3:15
• The people with the best judgment are among the least emotional 4:05
• A lot of the top investors often sound like philosophers 5:18
• The more outraged someone is, the worse their judgment 6:00
Full show notes and transcript: http://nav.al/2019/04/29/judgment
|Apr 29, 2019|
Example: From Laborer to Real Estate Tech
The continuum from laborer to real estate tech company goes from low accountability to high specific knowledge, accountability and leverage.
• Laborers get paid hourly and have low accountability 0:19
• General contractors get equity, but they're also taking risk 1:20
• Property developers pocket the profit by applying capital leverage 2:14
• Architects, large developers and REITs are even higher in the stack 3:16
• Real estate tech companies apply the maximum leverage 4:05
Full show notes and transcript: http://nav.al/2019/04/26/laborer-tech
|Apr 26, 2019|
Pick a Business Model With Leverage
Ideally, you should pick a business model with network effects, low marginal costs and scale economies.
• Scale economies: the more you produce, the cheaper it gets 0:00
• Zero marginal cost of reproduction: producing more is free 0:51
• Network effects: value grows as the square of the customers 1:34
• Network effect businesses are natural monopolies 2:26
• In a network effect, each new user adds value to the existing users 3:06
• Zero marginal cost businesses can pivot into network effect businesses 5:01
Full show notes and transcript: http://nav.al/2019/04/22/business-models
|Apr 22, 2019|
Product Leverage Is Egalitarian
Labor and capital are limited to the people who control those resources. But products reach global markets.
• Product leverage is a positive-sum game 0:00
• Status goods are limited to a few people 0:57
• The best products tend to be targeted at the middle class 1:25
• Creating wealth with product leads to more ethical wealth 2:06
• You want to use the product that is used by the most people 3:06
• Capital and labor are becoming permissionless 4:24
Full show notes and transcript: http://nav.al/2019/04/19/egalitarian-leverage
|Apr 19, 2019|
Product and Media Are New Leverage
Product and media are the leverage of new wealth. Create software and media that work for you while you sleep.
• Product and media are the new leverage 0:00
• Product leverage is where the new fortunes are made 0:55
• Combining all three forms of leverage is a magic combination 1:28
• Product and media leverage are permissionless 2:03
• The robots army is already here—code lets you tell them what to do 2:59
Full show notes and transcript: http://nav.al/2019/04/17/product-media
|Apr 17, 2019|
Labor and Capital Are Old Leverage
Wealth requires leverage. Labor and capital are older forms of leverage that everyone is fighting over.
• Our brains aren't evolved to comprehend new forms of leverage 0:00
• Society overvalues labor leverage 1:08
• You want the minimum amount of labor that allows you to use the other forms of leverage 1:56
• Capital has been the dominant form of leverage in the last century 2:40
• You need specific knowledge and accountability to obtain capital 4:52
Full show notes and transcript: http://nav.al/2019/04/15/labor-capital
|Apr 15, 2019|
Take Accountability to Earn Equity
If you have high accountability, you're less replaceable and you can get a piece of the business.
• Accountability is how you're going to get equity 0:00
• Taking accountability is like taking equity in all your work 0:29
• The downside of accountability is not that large 2:11
• Accountability is reputational skin in the game 4:30
Full show notes and transcript: http://nav.al/2019/04/13/accountability-equity
|Apr 13, 2019|
Embrace Accountability to Get Leverage
Embrace accountability. Society will reward you with leverage.
• You have to have accountability to get leverage 0:00
• Take business risks under your own name 0:54
• A well-functioning team has clear accountability for each position 2:09
• People who can fail in public have a lot of power 3:47
Full show notes and transcript: http://nav.al/2019/04/11/accountability-leverage
|Apr 11, 2019|
There's No Actual Skill Called Business
There's no actual skill called business. Avoid business schools and magazines.
• There's no actual skill called business 0:00
• Doing is faster than watching 0:55
• The number of “doing” iterations drives the learning curve 2:49
• If you're willing to bleed a little every day, you may win big later 3:53
Full show notes and transcript: http://nav.al/2019/04/08/skill-business
|Apr 08, 2019|
The Foundations Are Math and Logic
If you understand mathematics and logic, you have the basis for understanding everything else.
• The ultimate foundations are math and logic: 0:00
• It’s better to read a great book slowly than to fly through a hundred books quickly: 1:22
• Learn persuasion and programming: 2:08
Full show notes and transcript: http://nav.al/2019/04/05/math-logic
|Apr 05, 2019|
Read What You Love Until You Love to Read
You should be able to pick up any book in the library and read it.
• Read what you love until you love to read: 0:00
• Read the original scientific books in a field: 1:44
• Don't fear any book: 2:43
• The means of learning are abundant, the desire to learn is scarce: 3:54
Full show notes and transcript: http://nav.al/2019/04/03/love-read
|Apr 03, 2019|
Learn to Sell, Learn to Build
Learn to sell. Learn to build. If you can do both, you will be unstoppable.
• Learn to sell, learn to build 0:00
• The Silicon Valley model is a builder and seller 1:07
• If you can do both you will be unstoppable 1:52
• I'd rather teach an engineer marketing than a marketer engineering 2:48
• Building is better when you're starting out, sales scales better over time 4:33
Full show notes and transcript: http://nav.al/2019/03/31/build-sell
|Mar 31, 2019|
Specific Knowledge Is Highly Creative or Technical
Specific knowledge tends to be creative or technical. It's on the bleeding edge of technology, art and communication.
• Specific knowledge can be taught through apprenticeships 0:00
• Specific knowledge is often highly creative or technical 0:45
• Specific knowledge is specific to the individual and situation 2:02
• You can't be too deliberate about assembling specific knowledge 3:01
• Build specific knowledge where you are a natural 4:44
Full show notes and transcript: http://nav.al/2019/03/28/creative-technical
|Mar 28, 2019|
Arm Yourself With Specific Knowledge
Arm yourself with specific knowledge. It can't be trained but it can be found by pursuing your genuine curiosity.
• Arm yourself with specific knowledge 0:00
• Specific knowledge can't be trained 1:47
• Specific knowledge is found by pursuing your curiosity 2:34
• Building specific knowledge will feel like play to you 3:53
Full show notes and transcript: http://nav.al/2019/03/25/specific-knowledge
|Mar 25, 2019|
Partner With Rational Optimists
Don't partner with cynics and pessimists. Their beliefs are self-fulfilling.
• Don't partner with pessimists 0:00
• Partner with rational optimists 1:20
• We're descended from pessimists 2:28
• BOCTAOE 4:13
Full show notes and transcript: http://nav.al/2019/03/22/rational-optimists
|Mar 22, 2019|
Pick Partners With Intelligence, Energy and Integrity
Picking partners with high intelligence, energy and integrity is the three-part checklist that you can't compromise on.
• Pick business partners with high intelligence, energy and integrity 0:00
• Motivation of the people you work with has to come intrinsically 1:18
• Integrity is what someone does, despite what they say they do 2:18
Full show notes and transcript: http://nav.al/2019/03/22/intelligence-energy-integrity
|Mar 22, 2019|
Play Long-term Games With Long-term People
Pick an industry where you can play long-term games with long-term people. All returns in life come from compound interest over many turns of the game.
• Play long-term games with long-term people 0:00
• When you switch industries, you're starting over from scratch 2:21
• Long-term players make each other rich 4:02
• Returns come from compound interest in iterated games 4:49
Full show notes and transcript: http://nav.al/2019/03/19/long-term
|Mar 19, 2019|
The Internet Has Massively Broadened Career Possibilities
The Internet has massively broadened the possible space of careers, by allowing you to scale any niche obsession.
• The Internet has massively broadened the possible space of careers 0:00
• The Internet allows you to scale any niche obsession 1:22
• Escape competition through authenticity 3:33
Full show notes and transcript: http://nav.al/2019/03/19/possible-careers
|Mar 19, 2019|
Give Society What It Doesn't Know How to Get
Society will pay you for creating what it wants, but doesn’t know how to get, and delivering it at scale.
• Give society what it wants, but doesn't know how to get—at scale 0:00
• Figure out what product you can provide and then figure out how to scale it 0:57
Full show notes and transcript: http://nav.al/2019/03/14/product-scale
|Mar 14, 2019|
Live Below Your Means for Freedom
People living far below their means enjoy a freedom that people busy upgrading their lifestyles just can't fathom.
• People living below their means have freedom 0:00
• The most dangerous things are heroin and a monthly salary 0:38
• Ideally, you'll make your money in discrete lumps 1:17
Full show notes and transcript: http://nav.al/2019/03/11/salary-freedom
|Mar 11, 2019|
You Won't Get Rich Renting Out Your Time
You won't get rich renting out your time, because you can't earn non-linearly.
• You won't get rich renting out your time 0:00
• Renting out your time means you're essentially replaceable 1:23
• You must own equity to gain your financial freedom 2:17
• You want a career where your inputs don't match your outputs 2:41
Full show notes and transcript: http://nav.al/2019/03/08/renting-time
|Mar 08, 2019|
Make Luck Your Destiny
Build your character in a way so luck becomes deterministic.
• Build your character so luck becomes your destiny 0:00
• Build your character so opportunity finds you 1:12
• You have to be a little eccentric to be out on the frontier by yourself 2:39
Full show notes and transcript: http://nav.al/2019/03/07/luck-destiny
|Mar 07, 2019|
Making Money Isn't About Luck
Making money isn't about luck. It's about becoming the kind of person who makes money.
• Making money isn't about luck 0:00
• Blind luck 0:46
• Luck from hustling 0:55
• Luck from preparation 1:35
• Luck from your unique character 1:51
• In 1,000 parallel universes, you want to be wealthy in 999 of them 2:54
• Wealth stacks up one chip at a time, not all at once 4:11
Full show notes and transcript: http://nav.al/2019/03/06/money-luck
|Mar 06, 2019|
Free Markets Are Intrinsic to Humans
We're the only animals who cooperate across genetic boundaries, because we can track credits and debits in voluntary exchanges.
• Free markets are intrinsic to the human species 0:00
• Too many takers and not enough makers will plunge a society into ruin 1:48
Full show notes and transcript: http://nav.al/2019/03/05/capitalism-intrinsic
|Mar 06, 2019|
Make Abundance for the World
Wealth isn't about taking something from somebody else—it's about creating abundance for the world.
• Ethical wealth creation makes abundance for the world 0:00
• Everyone can be wealthy 1:28
Full show notes and transcript: http://nav.al/2019/03/03/ethical-wealth
|Mar 05, 2019|
Seek Wealth, Not Money or Status
The difference between wealth, money and status.
• Wealth is assets that earn while you sleep 0:56
• Money is how we transfer wealth 2:28
• Status is your rank in the social hierarchy 3:08
Full show notes and transcript: https://nav.al/2019/02/28/seek-wealth
This is the first interview between Naval and Nivi on How to Get Rich. See them all here: https://startupboy.com/category/wealth. These interviews are based on Naval's tweetstorm: https://twitter.com/naval/status/1002103360646823936.
|Mar 05, 2019|