Naval Ravikant is a very successful entrepreneur, founder of AngelList, and investor in many startups that turned into massive companies in the tech field.
A few years ago, he made a tweet-storm that went viral, advising about how to - really - build wealth.
This article will share my personal takeaways from his three hours and a half long 'How To Get Rich.' (it's a catchy title, more than getting rich, it's about building wealth).
You can find the text version here: https://nav.al/rich
And the podcast episode down below:
Wealth can't be created only through hard work and long hours.
It's just physically impossible because your inputs (energy, time) closely match your outputs.
You want to create the larger gap possible, where a minimum amount of inputs result in a massive amount of outputs.
To make this happen, you need assets.
Wealth is assets that earn while you're asleep
This concept is a paradigm shift because it forces you to redirect your focus on building assets, not only looking for the next paycheck or the next project (as a freelancer).
What are assets, and how can they be built?
Until a few decades ago, the two forms of leverage were only capital and labor (accessible through capital).
But if you are an ordinary person as I am, you can't access either of the above.
Luckily for us, the internet equalizes this gap, adding two ways to build assets accessible to anyone: code and media.
In a nutshell, if you want to get wealthy or improve your financial position and don't have capital to leverage, learn how to code or produce media and build assets.
Develop Experience Through Short Iterations
This concept stuck particularly with me because I overthink things and plan too much.
Naval talks about 'specific knowledge' and 'judgment' as essential qualities for an entrepreneur.
Both of these qualities come from practical experience.
If you want to learn and improve quickly, you need to get things going, try, fail, analyze, assess and try again.
You'll never know if something's going to work unless you try and get the data to validate your hypothesis.
Overthinking and overplanning only make you waste time.
Instead, go through short iterations with an analytical mindset and learn from each of them.
Accountability makes you grow
I've always lived the internet anonymously.
Every single person I saw having success on it, though, always had their face, name, and reputation on the line.
I've always been scared of accountability.
When you're out there expressing your own opinions, with your face and name, all the criticism is on you, not on the random nickname and avatar you picked up.
Who wants to do serious stuff with "AnonymousH4ck3r27"?
People want to connect with real people.
And being a transparent person on the internet can open lots of doors.
This piece of advice is what drove me to build this site, start this blog, and do things with my reputation on the line.
It feels uncomfortable at first, but growth is outside the comfort zone.
These concepts stuck the most after a focused read and a couple of listenings to 'How To Get Rich'.
It's enough for now; there's a lot of work to do to internalize them and practice them.
I suggest reading or listening to this piece of work by Naval: it contains much more insights (like how to pick business partners, hire people, etc...).
Whichever point in life you're at, I'm sure there might be something worthwhile.