Naval Ravikant - The 3 Rules To Get Rich

It's packed with 23 Nuggets from top Influential Doers and Entrepreneurs (in their own words), 🎆 visuals (to make it super easy to understand), and my own 💭 reflections.

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Naval shares in a quick summary what are the 3 foundations that you will need if you want to get extremely rich over your lifetime.

Enjoy!

👉 Naval Ravikant

📲 How to Get Rich (podcast)

📚 Books
📖 The Almanack of Naval Ravikant, by Eric Jorgenson.

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✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎ End Notes ✎ ✎ ✎ ✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎

- There is No skill called business.

- Many of these products / services are usually in Technology (sector).

1. Specific Knowledge
- (The product / service) will come out of your specific knowledge --Knowledge that only You have (or a small group of people).
• You build specific knowledge by following your passion, hobbies, genuine intellectual curiosity...
• If you implement your specific knowledge into a product / service -- You will get paid well because You will be the only one who can do it!

- You scape competition through authenticity

- Do something that other people don't know how to do. At scale and when (society) wants it.

2. Accountability
- Build a Personal Brand along the way.
• Cost? -- Being accountable.

Where?
- Twitter, Youtube

3. Leverage
- work with No Leverage: x (units) of input -- x (units) of Output
- work with Leverage: x (units) of input -- [ x (units) * Leverage ] of Output

- The Kinds of Leverage available:
• (You need at least one of them)
• * 1) Labor
*** Other people working for You
*** Difficult to Maintain
** 2) Capital / Money
** 3) Products with No Marginal Cost of Replication
***(the most democratized leverage -- is permissionless)
*** e.g./ Books, Media, Code...

✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎ ✎ ✎ ✎ ✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎✎✎✎✎✎

#NavalRavikant #HowToGetRich

🎶 🎶 🎶 🎶 🎶 🎶 🎶 🎶 🎶 Music Credits 🎶 🎶 🎶 🎶 🎶 🎶 🎶 🎶 🎶

🎸 Audionautix

🎸 LoFi Beats
- Purrple Cat – Journey’s End

--------- Time Codes -----------
0:00 - Intro
0:55 - Specific Knowledge
1:52 - Brand & Accountability
2:34 - Leverage
5:00 - Summary
6:00 Overshooting
6:52 - Notes Section
7:44 - Reflections

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[deepakjoshi-dj]

1. Specification knowledge
2. Own brand and accountability
3. Leverage
There are three types of leverage
1. Labour
2. Capital (Money)
3. No marginal cost of replication like Book, Movie, Code

[cadillacman]

A burning desire, very few people have that

[CoreyHinde]

Help more people - the more people you help, the higher the rewards.

[MSSirAcademy]

Grossly underrated channel. Naval shares top notch content... Listening him changes my perspective around career and other aspects. Thanks buddy...keep doing

[therdworlder]

This had me in an awe despite the many I heard of it before now.. your notes on top of it were treasurable. You're my superhero from now on bro

[sahngcobo]

Brilliant as always ...there are givers who know how to break down information to fit proper basic meaning ..thanks

[frederickfrost]

Thank you very much for sharing your knowledge, also I want to complement you on the way you put an outline and some information into your videos. This is quite helpful and appreciated!

[Sahilxoxoxo]

Can't believe this is two years ago, whatever he said about AI and cutting edge Technology revolution is happening now.

[Ducky_logan]

Every time. I learn something new.

Civic knowledge. Passions and hobbies. :)

[mikeymanjiro]

Well, the accountability part is the hardest part for me, putting my Name and my face, and i was considering it 100x times for do or no for the accountability

[sangameshmetre]

Become best at something society needs

[hemantsinghal]

Great stuff Naval!! So simply explained.

[alexr]

Great Video! Wonder how this could translate to a medical doctor, doesn’t matter which specialty. Any ideas?

[alkeshpatel]

too good information, I appreciate the knowledge of naval sir,

[Dylan-femp]

Great chart. Pretty understandable.

Thank you!

[yokoso]

Summarize how to make money by naval :

you have to get rewarded by society by giving it what it wants and it doesnt know to get elsewhere

1. figure out what product/service that society wants but does not yet know how to get and you have become the person that delivers that and delivers that at scale

usually in Tech

spesific knowledge = knowledge that only you know or small set of people know and it is basically come out of your passions, innate talents, hobbies and inttelectual curiosity, if you have that you are more likely to have skill sets that society does not know yet how to train other people on how to do, because if it can train other people how to do something, and then it can replace/paid minimun wage

so you want to know how to do something that other people dont know how do at the time period they want

and you have to take that spesific knowledge with accountability on a brand

lastly you have to have leverage

as example : 2 hours of work = 2x input

8x input = 8x output without leverage

if you use leverage + making the right decision :

8x input = 64x output with leverage

[chaseryder]

Can someone elaborate how one leverages with code?

[thequestion]

Errrr I think there are few holes in the first point. He makes the point that you get specific knowledge where you pursue something you’re deeply interested in and then all of a sudden it becomes valuable, then he talks about Deep Learning and AI. But that is an extremely cherry picked example.

There are several university professors that never got rich pursuing the thing they were deeply interested in. Also I have a feeling a lot of the people who came to AI at the right time had a good inkling that they were onto something huge (i.e. the people who are the chiefs at the big AI labs).

Then he goes onto say have a huge public brand, but again, there are plenty of rich anonymous people.