Naval Ravikant | The Most Important Skill To Get Rich - And Debunking The Lies [with Charlie Munger]

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Naval Ravikant is asked by a 21-year old (with no money) what he should do in order to get rich. For not spoiling you the video, I will just say that it has to do with a behavior that implies delayed gratification and thinking in a non-linear way (we humans are biased to think linearly, so is not easy).

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👉 Naval Ravikant
📚 Books (Free!)
📖 The Almanack of Naval Ravikant

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✎ End Notes ✎

Work Ethic doesn't matter. You can work as hard as possible and Not get rich. --- So, getting rich is not about pure Hard Work. But if Hard Work is directed in the right way, then it matters.

(Getting Rich) is about knowing What to do, When to do it, and with Whom to do it. It is about understanding. Once you figure this out, the next is about executing the path --- which will probably require the hard work.

But as we see, hard work comes implicitly by figuring out a path/destination. Don't do the hard work for its own sake, that would be a waste of time.

This is why the most important skill for becoming rich is to be a perpetual learner. Become a good learner and don't be intimidated by any book.
And when feeling confuse during the learning sessions --- That's OK. Your brain is like a muscle, and it means that is being"trained".

Foundation of "axioms" (based on full truth) are critical for learning and interpreting new information. So, when developing the "axioms" make sure you are consuming high quality information.

How do we make sure that our foundation is high quality?

1. Stick to Hard Science, Mathematics, MicroEconomics and the "basics". Why? There is no disagreement between people in these areas, so they are solid foundations. e.g./ Arithmetics and geometry (instead of complicated calculus), Microeconomics (instead of Macroeconomics), ….

2. Read the Classics on timeless topics. Evolution? Charles Darwin. Economics? Adam Smith.

Once you acquire the solid foundations, you won't fear any book, and will have the confidence to learn anything you want. And the more you learn, the more options you will have on how to make money. Because you can understand new trends in society (where is the demand, value...).

" If you are a perpetual learning machine, you will never be out of options on how to make money"

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#Naval #Ravikant #Periscope

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[TajulIslam-eigd]

What a beautiful quote: "Formal education will make you a living; self-education will make you a fortune"

[Theone-ouxt]

i used to be scared of maths but not anymore, i avoided studying it due to this fear, still new to studying it but i am not scared of studying any books now.I think Naval is so right about this thing is this fear causes us procrastination, not sure about others but to me it did and that wasted so much of my time.

[byrne]

"Education will get you a job, knowledge will make you rich" ✅👍

[jimba]

I think this video best explains part of the huge problem with public education. Public school isn’t designed to build strong foundations in the basics. Rather it is a mechanical crap shoot, and they set the tempo, regardless if you’re actually learning. The education system is also purposely built to catapult you into “higher education”, where you are expected to learn advanced concepts and ideas, but aren’t proficient at any of the basics.
If I knew that when I was younger, oh man, I’d be really far ahead than where I want to be today at 25. Thankfully, today is a new day to start with the basics and achieve mastery later; but ultimately work toward understanding everyday. This video helped me reflect on how much I actually don’t know, but thought I did know. My circle of competence is way smaller than I thought. Thank you Naval Ravikant

[charneschiu]

Mindset. Think different. Be able to sacrifice. Enjoy delayed gratification. Take calculated risks. Have thick skin. Stay humble. I grew up poor...like no lunch and no lunch money. Made many mistakes, specially on perspective and relationship with money. Learned the hard way. Success comes with having goals, making mistakes & overcoming challenges and having desire to succeed, persistence and determination.

[Jason-seke]

I wasn't expecting to agree with the point about reading the right things in the wrong order. As soon as he said that I rolled my eyes, but after he explained the part about having an incorrect foundation/worldview, I was completely on board. Smart guy.

[wheeljack]

I know someone who did just what you said. He read a book on a subject, then went & taught other people about it, made a pile of money, then went onto another subject. Then brought shares in multiple business

[vivarc]

Quality distilled quotes, speeches and tips. I appreciate this thank you. I am 36 years old and I definitely spent a lot of time on the wrong things.

[christianelisha]

This is awesome. Thank you for the ending summary and added value. Highly appreciated.

[vishalchaubey]

The best thing about this video is that they are providing notes.

[ChristopherDonnerArtist]

This is excellent . In my field the top earners are the ones who are best at the simple basics and being consistent

[greekbarrios]

Warren Buffett has mastered what patience looks like. He has stuck to the markets, having a long term view on the markets. This is what I'm struggling to do, trying to learn how to not react to market news about inflation and all. I have currently set aside about $253k to put in the market now that prices are down. Any ideas?

[jefftreadwell]

Thanks for this. Great content. Just one observation: Naval has highly recommended David Deutsch in the past. DD believes that in scientific matters in particular it is in fact not recommended to go to the original source (Darwin, Einstein, etc.) because our current understanding has improved considerably, and the original authors aimed their explanations at their contemporary peers.

[soccerskillz]

Glad someone is cleaning an oven in the background

[chahem]

Knowing what to do, when to do and whom to it with will make you rich.
Getting fundamentals right, like mathematics and science and micro economics is very important in life.
Being a perpetual learner will make you rich. There shouldn't be a book which scares you no matter what the age.

[domtesil]

Every time I feel lost and don't know what to do in life, I come back and watch this video.

[capnsean]

New sub, great content. You teach by revealing HOW to think, not WHAT to think. The fortunate few will know WHY to think.

[danielogega]

This YouTube channel is everything. Please don’t stop

[kaptan]

Sounds like someone's juggling BBQ grills in the background.

[TheAhmadShow]

Thank you picking nuggets for everything you are doing