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3 Practical Takeaways From Naval Ravikant How To Get Rich Without Getting Lucky

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When I came across the massive Twitter thread from the Naval Ravikant how to get rich without getting lucky “tweetstorm”, it really spoke to me. I had never really heard of Naval at that point and didn’t know who he was. In fact, his Twitter name being just Naval with just a weird image made me think he was some sort of anonymous account in tribute to the Navy lol.

However, as I started reading and learning more about Naval, I became more and more intrigued. What I found the most fascinating is that he laid out the path by which I had come into a certain financial “status”. I won’t say I’m rich yet because to me rich means you have the kind of money to just walk away from everything you want and never work another day in your life (for money).

Supersett-program i muskulasjon testo kvinne ben kroppsbyggingsprogram.

If I sell my shares/interests in the company I am involved in, it’s possible I could be there (depending on the valuations, etc) but as it sits today a lot of my wealth is in paper, not cash.

Regardless, I will outline in this brief article 3 practical takeaways from Naval Ravikant’s How To Get Rich Without Getting Lucky Twitter thread. I’ll also add that this article is all made possible because of my evergreen notes process which I also recommend you check out.

Here’s the thread:

This is the “famous” thread that started it all. Definitely check it out when you have a minute if you haven’t yet.

And if you want to really dive in deep on this, I highly recommend you give this a listen:

Takeaway # 1 – Naval Ravikant How To Get Rich: Seek Wealth, Not Status

From Naval Ravikant:

“Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy.”

This is missed by so many people. Wealth is really setting up a system by which you can earn money without having to trade time for hours. Most of us work hard at jobs or even as freelancers, but in reality, we are trading time for dollars.

I want to say that this is in no way wrong. In fact, I would venture to say that working at a job is probably right for 99% of people. It takes a certain kind of person with an aptitude for business to start or grow their own business.

That being said, everyone should still focus on acquiring assets that appreciate over time and also create cash without your direct involvement. Real estate and business ownership (as an angel investor for example) are great vehicles for this. Focus on wealth building slowly, and in 10 years the results can be pretty epic.

Don’t fall for the get-rich-quick stuff. I’ve been down that path and it’s dark and filled with people who are driven by hope without a sense of purpose for their vision. Without purpose, I don’t think any business idea will really work, apart from the occasional lucky break.

And one final thought on status. Status is the facade of wealth. If you want to see the facade of wealth, look on Instagram. 99% of millionaires don’t flaunt it because they don’t need to. Usually, people flaunting their wealth on social media are either trying to sell a product or they are the children of the rich who are fulfilling some internal need for validation.

Practical takeaway # 1:

Buy real estate in some way and invest for the long term. If you are looking for a completely passive real estate investment I recommend one of the companies I work with. They are called HIS Capital Group. They have an SEC-exempt Regulation A+ fund. You can learn more about them here:

HIS Capital Group

As far as investing in a business, I have really been enjoying making small investments in companies through Replublic.co

Takeaway # 2 – Solve A Big Problem With A Solution That Scales

From Naval Ravikant:

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

This is the heart of the issue. If you truly want to get rich without getting lucky you have to create something that people want and are willing to pay for. This is where we have to get a little bit granular though.

See, I think that you can make enough money to retire and live a good life even if you don’t do something that scales big time. By that I mean, you could probably work as a freelancer or agency owner for 10 years, make about $5MM over those 10 years, save most of it, and then retire.

The issue is a lot of people (myself included) have a hard time saving most of the money they earn. Also, I think Naval is talking here about making that real life-changing sort of “rich” money. In order to do this, you must create a solution for a mass market, with mass appeal, with an addressable market.

Going back to the agency model, it is hard to scale. Every time you bring on a client, you must also bring out more copywriters, designers, marketers, programmers, media buyers, etc.

It scales linearly and you can use mini-economies of scale. An example would be having one copywriter who can write for 3 different companies at once. If you can get past the context switching for the copywriter, this is a win for the business.

However, something that is better at scaling is software. This is another maxim from Naval’s Twitter thread:

“Code and media are permissionless leverage. They’re the leverage behind the newly rich. You can create software and media that works for you while you sleep.”

This is a great example of how to create something that solves a problem and scales. Take for example writing a book. If you write a book that solves a specific problem for a large group of people you can sell that book to millions of people. Maybe you only make $1 or $2 per book, but you sell 1 million copies.

Now you have made a few million, but more importantly you have an audience you can sell further things to including consulting and other training programs, especially on the corporate side of things.

Of course we all understand the scaling power of coding. You can build a website like Facebook and put billions of people on it, all at the same time. That’s scale that makes you massively rich.

Practical takeaway # 2

Improve your writing and/or improve your ability to code. If you are interested in learning copywriting or improving on it then I recommend my company Copywriter Brain. I think we do a lot of good and really help people become better at writing ads.

If you are looking for non-fiction writing I have heard amazing things about Write of Passage. I’ve not taken it yet, but everyone I know who has said it’s a game-changer for them.

When it comes to coding I am not much help. I have heard good things about Lambda School which can teach you to code without any money upfront (you pay after you get a job). There’s also a small company I am involved with called codebender which has an IDE for Arduino you can check out. We are working behind the scenes now on something really cool there.

Takeaway # 3 – Work Really Hard

From Naval Ravikant:

“Work as hard as you can. Even though who you work with and what you work on are more important than how hard you work.”

This one should go without saying, but it is often missed by a lot of the people who want to start or grow a business. Being in business for yourself is extremely hard work. It’s an emotional roller coaster.

You are dealing with people, emotions, problems, and market forces that are way too advanced or big for you to simply figure out. The best you can hope for is to pick the general right direction and head that way.

It’s very difficult to create a “roadmap” of exactly what to do or where to go. Plus, even when you are on the right track, you have to make sure every stakeholder wants to go the same way and is on board for the long haul.

So, all you really can do is plan for the worst, hope for the best – and work your butt off. Naval is right here, the people you work with will be the ultimate arbiters of where you end up, but you must put in the time.

One cool benefit of working hard is that you get used to it and you really come to like it. If there’s any “get rich” secret it’s that you must get addicted to the act of working to the point that it doesn’t feel like work.

It should feel like play. And it should be fun. Apart from the times of utter disaster and ruin that happen every now and again haha.

Once you are having fun, you’ll “work” so hard without the struggle or feel of working. And then you’ll beat just about everybody because you can’t outwork someone who isn’t working.

Practical Takeaway # 3

What are the takeaways here? There’s not really a class or a course on how to have fun in business. But my recommendation is that you look for something you truly love and like. It doesn’t mean that every day will be easy.

It just means that you will naturally WANT to pursue the topic. I will say this though. You may not have that love at first. It may just be something you like or something you want to learn more about.

Let your inquisitive nature take you towards different options. There are many opportunities that are before me now that I never would have chosen myself. But, given the opportunity, I am enjoying them so much.

I think this can be the case for anyone.

Final Thoughts: Naval Ravikant How To Get Rich Without Trying

There are so many more takeaways from these ideas that Naval laid out. I highly recommend you listen to the podcast and go through each one and really think about ways you can practically apply these lessons to your life.

For me, writing and business judgement have helped me earn a lot more money than I ever thought was possible. What will it be for you?

Tell me more about what you do, I’d love to hear from you in the comments or privately through my contact page.

Projects Over Goals: Revealing Why End Goals Don’t Really Work

productivity

I will be rich. I will have the perfect body. I will be super organized. Goals, we all have them. We write them down, and what happens? They just stay in our notebooks or journal or a file on our computer. That is because end goals are what we think we need to set. But the reality is that end goals don’t really work. What does work? Converting your goals into projects. Projects get done. Goals get talked about.

The Truth About End Goals

An end goal is the final place you want to “end up” in a certain aspect of your life. This could be better health, more money, more travel, getting closer to your spouse, whatever. But the truth is, most people don’t achieve the goals they set out to achieve.

According to the Times-Tribune, only 8% of people complete or achieve their New Year’s Resolution. Clinical Psychologists blame this on self-sabotage caused by a lack of self-discipline.

Source: Ray Williams

And while self-discipline is a major contributor, I think a big factor is the whole idea of goals and end goal setting. Goals, in our society, have turned into another word for a dream. A goal is treated like something I would like to see happen someday.

This is not the attitude you need to have in order to get things done. In fact, just having a goal sort of sets you up for failure if you tell everyone about it. This is because you get a hit of dopamine just by talking about your lofty goals. This sense of accomplishment actually prevents you from then going on to pursue the goal.

So, in short, if less than 1 in 10 people achieve a goal, there’s probably something wrong with the way we set goals.

What Is The Difference Between An End Goal & A Project?

My current view (and I am working on this as I write this) is that we need to turn goals into projects. Think about it. Goals get talked about. Projects get done. Imagine you had a goal to paint the walls in your bedroom.

If you used the “goal setting” formula, you would bust out a piece of paper and write down your goal. You may even go cut out pictures of people smiling next to their beautifully painted bedroom walls. You would tell all your friends and family your intentions. You might join a Facebook group and share your goal of painting your bedroom wall.

Heck, you might even pick out a color or two or three!

And then you would wait. You would talk about it when it comes up, but you wouldn’t really “do” anything. Maybe you read a book about painting or go to a painting class, or even funnier – buy an online course about painting your bedroom walls.

But at the end of the day, it seems like nothing gets done when you set an “end goal” and do nothing further.

Instead, think about turning that goal into a project. If painting your bedroom becomes a project, you would actually create a plan. First, you would choose a deadline when the walls have to be painted by. Then, everything else would work backward from that point.

Here are the aspects I’ve uncovered when it comes to what to focus on in a project. Again, this is a work in progress, but it’s a good starting point:

  • Time – an indefinite period (usually marked by specific attributes or activities)
  • Talent – aptitude or skill
  • Tenacity – the quality or fact of continuing to exist; persistence
  • Tribe – External group community that supports you and provides feedback
  • Team – Internal group who works on the project with you
  • Trail- Your steps to get there. This is like a Plan or Strategy
  • Target- The end goal you want to achieve including your vision.

What you want to do is focus on each of these areas and fill in the gaps. Obviously, there’s so much more that can be said about this topic and I’ll continue to write about it. But, you really want to change the way you think about goals from now on.

So, to complete the analogy. If you were going to paint your bedroom as a project, you would choose the date it will be done by and the dates you will do the painting. You will make sure you or someone you hire has the talent to perform the task. Your tenacity must exist or you’ll never do the job.

You can consult your tribe (aka Home Depot) for help on choosing the right type of paint, etc. You assemble your team of painters from people you know who can help you. You create the plan of attack. Who will tape the corners, who will paint, who will move the bed?

And you have your final target set – your end goal. You make sure that everyone knows what is expected of them.

Then you go do what you have to do.

Final Thoughts On End Goals

End goals aren’t bad things. I don’t want to come across in that way. I just want you to start thinking of goals as one small part of the bigger picture. Goals are dreams. They are fun to talk about, but rarely do they come to pass.

Projects, on the other hand, are very tangible. They require thought and planning. They get done. The really great news is there’s a whole world of project management theory out there to learn from.

My goal is to take everything I’ve picked up from project management and planning (I got an MBA btw lol) and apply it to goal setting. I hope you’ll join me on this journey.

Any questions, comments, advice, etc please share below.