Naval Ravikant is a co-founder and chairman and former CEO of AngelList. He is an angel investor in Uber, Twitter, yammer, and many more companies. This book is a top-selling and highly recommended book on wealth and happiness. So here are 10 Lessons From the book The Almanack of Naval Ravikant on wealth. The texts highlighted in bold are from the book.
In this hustle culture, hard work is the key ingredient for success. But hard work in the right way is unique. Money is something we get paid to finish the job, to earn our expenses, or pay our bills. Wealth is something you create. It is the thing you want. Wealth is something you earn while you are asleep. How to create wealth? Society is always looking for solutions to its problems. Give them the solution they need with the help of your skills and capabilities and in return society will reward you with wealth. JRD Tata did it, and Steve Jobs and Henry ford did the same.
Your skill set is the one move that you have been doing for ages. The one which has been reprogrammed into your mind or it could be a genetic thing also.
Here Naval Ravikant gives us examples of what your specific knowledge could be:
- Sales skills
- Musical talents
- An obsessive personality, you dive into things and remember quickly.
- Reading
- Playing games
- Even gossiping, digging into your friends’ network. That might make you into a very interesting journalist.
To open new doors for yourself, be 100%invested in your skills. Focus on developing your skill so much that no one can outperform you. Every human is different. Everyone is the best at something-being themselves. The Internet can be your worst enemy or your best friend. Go with the latter and watch yourself exponentially grow.
Often the term associated with money is compounding. We know that compounding money gives you more than enough returns. But compounding is contemporary in the very minuscule of our life. Tasks that we carry out on daily basis only get better with time and eventually become our habit. Compounding in business relationships is very important. Find your people and invest in them. Invest wisely and be mindful of whom you are investing it.
We often blame other people or situations if an undertaking task does not go our way. But, at the same time, if it flourishes, we rush to achieve the reward. This is our human nature. Start taking accountability for our decisions wherever they may lead. Accountability may form the basis of your reputation or as whom people may perceive you. Accountability does come with real risks. It is frequently said, when we work in our 9-5 job we have to work for others, True. But once our shift is over we get out of it and go on with our life. But I cannot the same for a business owner. He/she constantly need to think about it, how to grow it or how to proliferate it. Sure, the ROI of the business owner will be higher as he/her is investing everything in it.
Hours spent doing work are directly proportional to the money you get paid. Even the salaried ones, lawyers, or a doctor. You get paid on an hourly basis if you look from a broader view. By putting your money in equity in a business or investing it as a shareholder or in a stock real wealth is generated. These will give you returns even while you sleeping or even when you have retired. Also, Real wealth is created by starting your own company or even by investing. In an investment firm, they’re buying equity. These are the routes to wealth. It doesn’t come through hours.
Work for fun and passion rather than running after money. Follow your intellectual courage more than whatever is hot right now. Make your position so strong that no circumstance can throw you from there. Naval Ravikant asks us to be so capable that let other people inquire about us.
Acquire credibility and everything else will fall into place. Learn to make better decisions that will give more results and gain people’s trust. There is a reason CEOs are in place and they have certain decision-making skills that other employees do not. CEOs are highly paid because of their leverage
Rome was not built in a day. Generating tons loads of money in a short time is unachievable. To manage your time and get more work done, outsource your tasks and work within your reach. Value yourself and value your time. There are three important decisions you need to take in your life where you live, who you are with, and what you do. Choose your decisions wisely when it comes to these three aspects of your life. Help other people and spread your wisdom with what you are good at. To surround yourself with more successful people, spread your knowledge and wisdom.
Make time to do what you love and focus on generating wealth through that passion of yours. On the internet, there are innumerable ways where you can do that. Doing what you love can never be tiresome. Once, when you have reached a point of time in your life, where your expenses are dealt with within your income, focus on generating passive income through your hobbies or passion and start spawning your wealth
The Almanack of Naval Ravikant says there are types of luck. One is blind luck or beginner’s luck as we say. Through hard work and hustle and persistence, second luck comes through. Becoming good at spotting luck is the third one. The last luck is the weirdest, hardest kind, where you build a unique character, a unique brand, and a unique mindset that causes luck to find you. Build your character and reputation in such a way that people approach you to make their deals through you. Create a personality that other people want to know or work with you. You should not be the one approaching your business to other people. Let your work make noise for you
Hope this post helps!
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