Key Takeaways
○Wealth buys you freedom
○EVERYONE can be rich ; only few live a rich life
○Aim to become so good at something, that luck eventually finds you
○Over time, it isn’t luck – it’s destiny
○You’re not going to get rich renting out your time
○Aim to have a job, career, or profession where your inputs don’t match your outputs
○People who are living far below their means enjoy a freedom that people busy upgrading their lifestyle just can’t fathom
○Get rich life by giving society what it doesn’t yet know how to get – at scale
○The internet has massively broadened the space of possible careers
○Whatever nice obsession you have, the internet allows you to scale it
○Escape competition through authenticity
○All the benefits in life come from compound interest
○Whether it’s in relationships, life, your career, health, or learning
○Pick people to work with who have high intelligence, high energy, and high integrity – you CANNOT compromise on this
○Really successful people have an action bias
○Arm yourself with specific knowledge
○Specific 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 superpower
○Read what you love until you love to read
○The 5 most important skills are reading, writing, arithmetic, persuasion, and computer programming
○The number of iterations drives the learning curve
○Get comfortable with frequent, small failures
○If you’re willing to bleed a little bit every day, but in exchange, you win big later, you’ll be better off
○Embrace accountability and take business risks under your own name. Society will reward you with responsibility, equity, and leverage
○Product leverage is how fortunes will be made in the digital age – using things like code or media
○Product and media leverage are permisionless – they don’t require someone else’s permission for you to use them or succeed
○Wisdom is knowing the long-term consequences of your actions
○Judgment 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 rate
○If you can outsource something for less than your hourly rate, outsource it
○The hierarchy of importance:
○What you work on
○Picking the right people to work with
○How hard you work
○A busy calendar and a busy mind will destroy your ability to do great things in this world
○Become 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 accept
○Your physical health, your mental health, and your relationships will most likely bring you more peace and happiness than any amount of money ever will
○Productize yourself
○Create a product out of whatever it is you do naturally and uniquely well
○Being 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 Ravikant
○Negotiations are won by whoever cares less
Seek Wealth, Not Money or Status
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