The most important skill for getting rich is becoming a perpetual learner. You have to know how to learn anything you want to learn. The old model of making money is going to school for four years, getting your degree, and working as a professional for thirty years. But things change fast now. Now, you have to come up to speed on a new profession within nine months, and it’s obsolete four years later. But within those three productive years, you can get very wealthy. - Naval Ravikant
Important quotes from the podcast by Naval on Leverage:
“Give me a lever long enough and a place to stand, and I will move the earth.”
To get rich, you need leverage. Leverage comes in labor, comes in capital, or it can come through code or media. But most of these, like labor and capital, people have to give to you. For labor, somebody has to follow you. For capital, somebody has to give you money, assets to manage, or machines. - Naval Ravikant
Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media). - Naval Ravikant
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. - Naval Ravikant
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. - Naval Ravikant
If you can’t code, write books and blogs, record videos and podcasts. - Naval Ravikant
Leverage is a force multiplier for your judgment. - Naval Ravikant
Apply specific knowledge, with leverage, and eventually you will get what you deserve. - Naval Ravikant
“We live in an age of infinite leverage, and the economic rewards for genuine intellectual curiosity have never been higher. Following your genuine intellectual curiosity is a better foundation for a career than following whatever is making money right now.” - Naval Ravikant
Important Quotes from the podcast on Business and Entrepreneurship
There is no skill called “business.” Avoid business magazines and business classes. - Naval Ravikant
You have to work up to the point where you can own equity in a business. You could own equity as a small shareholder where you bought stock. You could also own it as an owner where you started the company. Ownership is really important.
Everybody who really makes money at some point owns a piece of a product, a business, or some IP. That can be through stock options if you work at a tech company. That’s a fine way to start.
But usually, the real wealth is created by starting your own companies or even by investing. In an investment firm, they’re buying equity. These are the routes to wealth. It doesn’t come through the hours. - Naval Ravikant