Naval's Podcast and Periscope Sessions: How to Get Rich: Every Episode

Podcast Notes Key Takeaways Wealth buys you freedomEVERYONE can be richAim to become so good at something, that luck eventually finds youOver time, it isn’t luck – it’s destinyYou’re not going to get rich renting out your timeAim to have a job, career, or profession where your inputs don’t match your outputsPeople who are living far below their means enjoy a freedom that people busy upgrading their lifestyle just can’t fathomGet rich by giving society what it doesn’t yet know how to get – at scaleThe internet has massively broadened the space of possible careersWhatever nice obsession you have, the internet allows you to scale itEscape competition through authenticityAll the benefits in life come from compound interestWhether it’s in relationships, life, your career, health, or learningPick people to work with who have high intelligence, high energy, and high integrity – you CANNOT compromise on thisReally successful people have an action biasArm yourself with specific knowledgeSpecific knowledge is the stuff that feels like play to you but looks like work to others. It’s found by pursuing your innate talents, your genuine curiosity, and your passion.Learning to build AND sell products is a superpowerRead what you love until you love to readThe 5 most important skills are reading, writing, arithmetic, persuasion, and computer programmingThe number of iterations drives the learning curveGet comfortable with frequent, small failuresIf you’re willing to bleed a little bit every day, but in exchange, you win big later, you’ll be better offEmbrace accountability and take business risks under your own name. Society will reward you with responsibility, equity, and leverageProduct leverage is how fortunes will be made in the digital age – using things like code or mediaProduct and media leverage are permisionless – they don’t require someone else’s permission for you to use them or succeedWisdom is knowing the long-term consequences of your actionsJudgment is wisdom on a personal domain (wisdom applied to external problems)The people with the best judgment are actually among the least emotional   Set and enforce an aspirational hourly rateIf you can outsource something for less than your hourly rate, outsource itThe hierarchy of importance:What you work onPicking the right people to work withHow hard you workA busy calendar and a busy mind will destroy your ability to do great things in this worldBecome the best in the world at what you do. Keep redefining what you do until this is true.Reject most advice, but remember you have to listen to/read enough of it to know what to reject and what to acceptYour physical health, your mental health, and your relationships will most likely bring you more peace and happiness than any amount of money ever willProductize yourselfCreate a product out of whatever it is you do naturally and uniquely wellBeing honest leaves you with a clear mind“A lot of wisdom is just realizing the long-term consequences of your actions. The longer-term you’re willing to look, the wiser you’re going to seem to everybody around you.”– Naval RavikantNegotiations are won by whoever cares less

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This giant episode collects every interview we've done on “How to Get Rich.”

Transcript: http://nav.al/how-to-get-rich

• Seek Wealth, Not Money or Status 1:30

• Make Abundance for the World 6:40

• Free Markets Are Intrinsic to Humans 10:21

• Making Money Isn’t About Luck 14:19

• Make Luck Your Destiny 19:25

• You Won’t Get Rich Renting Out Your Time 24:00

• Live Below Your Means for Freedom 28:40

• Give Society What It Doesn’t Know How to Get 31:01

• The Internet Has Massively Broadened Career Possibilities 33:44

• Play Long-term Games With Long-term People 38:23

• Pick Partners With Intelligence, Energy and Integrity 44:24

• Partner With Rational Optimists 49:09

• Arm Yourself With Specific Knowledge 54:34

• Specific Knowledge Is Highly Creative or Technical 1:00:53

• Learn to Sell, Learn to Build 1:06:24

• Read What You Love Until You Love to Read 1:10:59

• The Foundations Are Math and Logic 1:12:00

• There’s No Actual Skill Called “Business” 1:16:48

• Embrace Accountability to Get Leverage 1:20:06

• Take Accountability to Earn Equity 1:25:37

• Labor and Capital Are Old Leverage 1:30:06

• Product and Media are New Leverage 1:35:01

• Product Leverage is Egalitarian 1:39:42

• Pick a Business Model With Leverage 1:44:56

• Example: From Laborer to Entrepreneur 1:50:51

• Judgment Is the Decisive Skill 2:01:15

• Set an Aspirational Hourly Rate 2:07:41

• Work As Hard As You Can 2:11:26

• Be Too Busy to “Do Coffee” 2:16:34

• Keep Redefining What You Do 2:20:38

• Escape Competition Through Authenticity 2:22:41

• Play Stupid Games, Win Stupid Prizes 2:28:17

• Eventually You Will Get What You Deserve 2:30:53

• Reject Most Advice 2:35:00

• A Calm Mind, a Fit Body, a House Full of Love 2:37:55

• There Are No Get Rich Quick Schemes 2:42:02

• Productize Yourself 2:46:42