How to get rich without luck

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Naval Ravikant , an American venture capitalist, has a well-known long tweet with a total of 40 tweets, titled “How to Get Rich Without Luck” , about his business outlook.

Naval Ravikant later had a long article explaining these points in detail.

The following is the Chinese version translated by He Caitou

1. 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.

Go for wealth, not money or status. Wealth is the assets you have, and assets are making money for you while you sleep; money is the tool by which we convert time and wealth; and status is your place in the social hierarchy.

1. Understand that ethical wealth creation is possible. If you secretly despise wealth, it will elude you.

One thing to understand: a person can make a fortune by standing without cheating. If you secretly despise wealth, wealth will also hide from you.

1. Ignore people playing status games. They gain status by attacking people playing wealth creation games.

Forget about those who are keen to play the identity game, who gain their identity by attacking those who create wealth.

1. 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.

You don’t get rich by renting out your time. You must own property rights, which are part of your business, in order to gain personal financial freedom.

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

Provide what society wants but they don’t know how to get, and you’ll get rich. But one thing: you have to supply society at scale .

1. Pick an industry where you can play long term games with long term people.

Pick an industry that you can work in for a long time, and find a group of people you can work with for a long time.

1. The Internet has massively broadened the possible space of careers. Most people haven’t figured this out yet.

The Internet has greatly expanded the possibilities of a person’s career. Most people are unaware of this.

1. Play iterated games. All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest.

Play the compound interest game. Whether it’s wealth, relationships, or knowledge, all the rewards you get in life come from compound interest.

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

When choosing a business partner, choose someone with a high IQ and a lot of energy, but above all, he should be a man of integrity and honesty .

1. Don’t partner with cynics and pessimists. Their beliefs are self-fulfilling.

Don’t work with cynics and pessimists because they will justify their negative perceptions by letting bad things happen.

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

Learn how to sell, learn how to create. If you can do both at the same time, your success will be unstoppable.

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

Arm yourself with unique knowledge, accountability and leverage.

1. Specific knowledge is knowledge that you cannot be trained for. If society can train you, it can train someone else, and replace you.

Unique knowledge is the kind of knowledge that cannot be acquired through training. This is because if this knowledge can be acquired through training, others can too, and replace you with it.

1. Specific knowledge is found by pursuing your genuine curiosity and passion rather than whatever is hot right now.

You’re more likely to gain unique knowledge when genuine curiosity and enthusiasm drive you forward, rather than jumping on the heels of what’s trending.

1. Building specific knowledge will feel like play to you but will look like work to others.

The process of creating original knowledge is like play to you and work to others.

1. When specific knowledge is taught, it’s through apprenticeships, not schools.

A person cannot be taught unique knowledge through school education, it can only be taught orally and by example through apprenticeships.

1. Specific knowledge is often highly technical or creative. It cannot be outsourced or automated.

Original knowledge is often so technical and creative that it cannot be outsourced or automated.

1. Embrace accountability, and take business risks under your own name. Society will reward you with responsibility, equity, and leverage.

Embrace responsibility and put your reputation on the line to take business risks. Society also reciprocates with responsibility, property rights, and leverage.

1. The most accountable people have singular, public, and risky brands: Oprah, Trump, Kanye, Elon.

The most responsible people have unique, well-known, risk-taking personalities: Oprah, Trump, Kanye, Elon.

1. “Give me a lever long enough, and a place to stand, and I will move the earth.” — Archimedes

Just give me a lever long enough, a place to stand, and I can pry up the earth. – Archimedes

1. Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media).

Wealth growth requires the use of leverage. Commercial leverage comes from three sources: 1. Capital; 2. Human; 3. Products that have zero marginal cost to replicate (eg, code and media).

1. Capital means money. To raise money, apply your specific knowledge, with accountability, and show resulting good judgment.

Capital means money. If you want to raise money, use your unique knowledge, match your sense of responsibility, and demonstrate your good judgment.

1. Labor means people working for you. It’s the oldest and most fought-over form of leverage. Labor leverage will impress your parents, but don’t waste your life chasing it.

Humans are the people who do the work for you, and it’s the oldest and most contested lever. Human leverage will make your parents proud that you have a lot of people working for you, but don’t waste your life pursuing that.

1. Capital and labor are permissioned leverage. Everyone is chasing capital, but someone has to give it to you. Everyone is trying to lead, but someone has to follow you.

Capital and labor are levers that require permission to use. Everyone is chasing capital, but someone has to give it to you; everyone wants to lead everyone else, but someone has to follow you.

1. 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.

Code and media are levers that can be used without permission. They’re the levers behind the upstart crowd, with software and media you create, that still work for you while you sleep.

1. An army of robots is freely available — it’s just packed in data centers for heat and space efficiency. Use it.

An army of robots has been assembled, just to save space and thermal efficiency, they are packed into the data center. Go use it.

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

If you don’t know how to program, you can also write books and blogs, or do video or audio shows.

1. Leverage is a force multiplier for your judgement.

Leverage can multiply your judgment (the resulting efficacy).

1. Judgement requires experience, but can be built faster by learning foundational skills.

Judgment requires experience, but it can be built more quickly by learning basic skills.

1. There is no skill called “business.” Avoid business magazines and business classes.

There is no such thing as a “commercial” capability. Try to avoid business magazines and business courses.

1. Study microeconomics, game theory, psychology, persuasion, ethics, mathematics, and computers.

Go study microeconomics, game theory, psychology, persuasion, ethics, mathematics, and computer science.

1. Reading is faster than listening. Doing is faster than watching.

Reading is faster than listening, and doing is faster than watching.

1. You should be too busy to “do coffee”, while still keeping an uncluttered calendar.

You should be too busy to have social time, and at the same time you should always keep your schedule organized.

1. Set and enforce an aspirational personal hourly rate. If fixing a problem will save less than your hourly rate, ignore it. If outsourcing a task will cost less than your hourly rate, outsource it.

You should set yourself an aspirational personal hourly rate and stick to it. If the cost savings of solving a problem is less than your personal hourly rate, just ignore it; if the outsourcing cost of a task is less than your personal hourly rate, outsource it.

1. 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.

Although who you work with and what you do is far more important than how hard you work. But still do your best to work.

1. Become the best in the world at what you do. Keep redefining what you do until this is true.

What you do, try to be the best in the world. Keep redefining what you are doing until you are truly the best in the world.

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

There is no way to get rich quick money in this world, and if you try to find it, it will only make others rich from you.

1. Apply specific knowledge, with leverage, and eventually you will get what you deserve.

Use your unique knowledge and leverage, and in the end you will get what you deserve.

1. 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.

One day when you get rich, you’ll find that it’s not what you wanted in the first place. But that’s another story.

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