How to get rich without getting lucky – Naval Ravikant

How to get rich without getting lucky. This is from Naval Ravikant tweetstorm.

Naval Ravikant is an Indian-American entrepreneur and investor. He is the co-founder, chairman, and former CEO of AngelList. He has invested early-stage in over 200 companies this includes Uber and Twitter.

Here are some of my personal favorite tweets from the thread – 

• Seek wealth, not money or status.

Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth.

Wealth is created in long term. Assets create wealth.

There are so many people who make so much money but they don’t save and invest. They don’t create wealth. They are rich till all their money is spent.

Rich dad poor dad a book by Robert Kiyosaki explains this concept very beautifully.

• Ignore people playing status games.

They gain status by attacking people playing wealth creation games.

Billionaires are frugal. You will rarely find them showing off!

• 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.

Working for the rest of your life is not the solution. You need to own a part of a business to achieve financial freedom.

Some of the ways are investing in equity, others are joining early-stage start-ups and asking for equity as compensation.

• You will get rich by giving society what it wants but does not yet know how to get. At scale.

Deliver society what it wants in terms of a service or a product and deliver them at a scale.

A perfect example of this is Elon Musk – he started Tesla as people wanted a car to run on alternate fuel.

• Pick business partners with high intelligence, energy, and, above all, integrity.

Integrity wins over everything. This would be the most important thing to look out for in a business partner.

• Learn to sell. Learn to build. If you can do both, you will be unstoppable.

Perfect examples are Elon Musk and Steve Jobs. They build superb products and are very good marketers.

In India, I think Kunal Shah, founder of Cred would be a good example of a great innovator and a good marketer.

• Arm yourself with specific knowledge, accountability, and leverage.

This is so apt for jobs – most of the jobs are easily replaceable.

• If you can’t code, write books and blogs, record videos and podcasts.

This is so simple. Start with a blog and see how it helps you in your life.

• There are no ‘get rich quick schemes. That’s just someone else getting rich off you.

There is no substitute for hard work and smart work.

• When you’re finally wealthy, you’ll realize that it wasn’t what you were seeking in the first place. But that’s for another day.

Naval’s closing thoughts.

I sure did learn a lot many things from this thread. Do check the complete thread and share with us what you learned in the comments section below.