AudioTranscriberAI_How to Get Rich
Àwọn àgbègbè
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0:00
Hey, this is Nivi, you're listening to the Naval Podcast. This is one giant megasode that collects every episode we've done on getting rich, all of it based on his tweetstorm of how to get rich without getting lucky. I've collected them all…
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1:30
Yeah, the How to Get Rich Street Storm definitely hit a nerve. A lot of people say it was helpful, reach across aisles, and people outside of the tech industry, people in all walks of life, people do want to know how to solve their money pr…
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2:33
So you don't have to wear a tie like a collar around your neck. So you don't have to wake up at 7 a .m. and rush to work and sit in commute traffic. So you don't have to waste away your entire life grinding all the productive hours into a w…
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4:31Àkọ́lé 4: which is a status game. 149s · Speaker 4
which is a status game. They're trying to be high status in the eyes of other people watching. by saying, well, I don't need money, we don't want money. And then status is just your ranking in the social hierarchy. So wealth is not a zero -…
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7:00
One thing you mentioned before the interview that stuck with me was the idea that you think everyone can become rich and that perhaps some of the ways of getting rich or the idea of wealth is vilified by some people in other countries. Do y…
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8:03Àkọ́lé 6: But there are a lot that are just taking. 254s · Speaker 4
But there are a lot that are just taking. That's just the nature of how any complex system is built. But what I am focused on is true wealth creation. It's not about taking money. It's not about taking something from somebody else. But it's…
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12:18
And it's not just individuals secretly despising wealth, right? There's countries, groups, political parties that overtly despise wealth, or at least seem to. That's right. And so what those countries, political parties and groups are reduc…
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14:13Àkọ́lé 8: again, I'm talking about ethical wealth patient. 182s · Speaker 3
again, I'm talking about ethical wealth patient. I'm not talking about monopolies. I'm not talking about crony capitalism. I'm not talking about mispriced externalities like the environment. I'm talking about free minds and free markets, sm…
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17:16Àkọ́lé 9: Do you want to elaborate a little bit more on the idea that in a thousand parallel universes, you want to get rich in 999 of them? 125s · Speaker 1
Do you want to elaborate a little bit more on the idea that in a thousand parallel universes, you want to get rich in 999 of them? I think some people are going to see that and say, that sounds impossible, sounds like it's too good to be tr…
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19:22Àkọ́lé 10: I, in fact, have too many ways to make money. 99s · Speaker 5
I, in fact, have too many ways to make money. I don't have enough time. I literally have opportunities pouring out of my ears. And the thing I keep running out of is time. There's just so many ways to create wealth. to create products, to c…
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21:01Àkọ́lé 11: through you. 219s · Speaker 6
through you. I use the example of if you're a great diver, then treasure hunters will come and give you a piece of the treasure for your diving skills. If you're a trusted, reliable, high -integrity, long -term -thinking dealmaker, then whe…
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24:41Àkọ́lé 12: through work, and it's probably not going to work. 254s · Speaker 3
through work, and it's probably not going to work. There are many reasons for that, but the most basic is just that your inputs are very closely tied to your outputs. In almost any salaried job, even one that's paying a lot per hour, like a…
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28:55Àkọ́lé 13: Ďakujem za pozornosť. 84s · Speaker 1
Ďakujem za pozornosť. Yeah, there are two tweets that I put out that are related. So the first one I was talking about, we were talking about how your lifestyle has to upgrade, shouldn't get upgraded too fast. And that one said, people who …
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30:19
which is, by the way, one reason why these very high marginal tax rates for the so -called wealthy are flawed, because the highest risk -taking, most creative professions literally lose money for a decade of your life while you take massive…
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31:26Àkọ́lé 15: That's right. 93s · Speaker 5
That's right. So essentially, as we talked about before, money is IOUs from society saying you did something good in the past. Now, here's something that we owe you for the future. And so society will pay you for creating things that it wan…
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32:59Àkọ́lé 16: The way I tried to put it was that the entrepreneur's job is to try to bring the high end to the mass market. 243s · Speaker 1
The way I tried to put it was that the entrepreneur's job is to try to bring the high end to the mass market. It starts as high end. First, it starts as an act of creativity. First, you create it just because you want it. You want it and yo…
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37:02
E -sports players, people making millions of dollars playing Fortnite, people creating videos and uploading them, YouTube broadcasters, bloggers, podcasters. Joe Rogan, I read true or false, I don't know, but I read that he's going to make …
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38:36
Talk a little bit about what industries you should think about working in, what kind of job you should have, and who you might want to work with. You said one should pick an industry where you can play long -term games with long -term peopl…
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42:39Àkọ́lé 19: In a long -term game, it seems that everybody is making each other rich. 89s · Speaker 8
In a long -term game, it seems that everybody is making each other rich. And in a short -term game, it seems like everybody is making themselves rich. I think that is a brilliant formulation. Yeah, in a long -term game, it's positive sum. W…
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44:08Àkọ́lé 20: It requires heroic acts. 139s · Speaker 4
It requires heroic acts. Regarding compound interest, I think I saw you retweet something a while back. Maybe it was from Ed Lattimore. It went something along the lines of get some traction, get purchase and don't lose it. So the idea was …
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46:27
When I was younger, I used to try and talk people into things. I was in this idea that you can sell someone into doing something, but you can't. You can't keep them motivated. You can get them inspired initially. It might work if you're a k…
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49:20Àkọ́lé 22: Let's do this last tweet. 103s · Speaker 1
Let's do this last tweet. You said, don't partner with cynics and pessimists. Their beliefs are self -fulfilling. Yeah, essentially, to create things, you have to be a rational optimist. Rational in the sense that you have to see the world …
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51:03Àkọ́lé 23: really big, audacious tasks and he provides an example for people to think big. 301s · Speaker 7
really big, audacious tasks and he provides an example for people to think big. And it takes a lot of work to build even small things. I don't think the corner grocery store owner is working any less hard than Elon Musk or pouring any less …
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56:04Àkọ́lé 24: environments, building judgment in a specific domain. 302s · Speaker 2
environments, building judgment in a specific domain. A classic example is investing, but it could be in anything. It could be in judgment in running a fleet of trucks. It could be judgment in weather forecasting. So specific knowledge is t…
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1:01:06Àkọ́lé 25: it's on the job. 119s · Speaker 2
it's on the job. It's through apprenticeships. And that's why the best businesses, the best careers are the apprenticeship careers, because those are the things that society still has not figured out how to train and automate yet. The class…
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1:03:05Àkọ́lé 26: Should we be calling it unique knowledge or does specific knowledge somehow make more sense for it? 124s · Speaker 1
Should we be calling it unique knowledge or does specific knowledge somehow make more sense for it? I came up with this framework when I was really young. And we're talking decades and decades. It's now probably over 30 years old. And so at…
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1:05:10
right? Someone else is likely to be the number one in each of those 10 ,000, unless you happen to be one of the 10 ,000 most obsessed people in the world at a given thing. But when you start going to combinatorics of combining, well, number…
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1:06:34Àkọ́lé 28: Talking about combining skills, you said that you should learn to sell, learn to build. 302s · Speaker 1
Talking about combining skills, you said that you should learn to sell, learn to build. If you can do both, you will be unstoppable. This is a very broad category, but it's two broad categories. One is building the product, which is hard, a…
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1:11:37Àkọ́lé 29: And frankly, more time, because it's very intense, it's a very focused task. 303s · Speaker 2
And frankly, more time, because it's very intense, it's a very focused task. So sales skills actually scale better over time. For example, if you have a reputation for building a great product, that's good. But when you ship your new produc…
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1:16:40Àkọ́lé 30: and even our way of raising children replaces curiosity with compliance. 147s · Speaker 2
and even our way of raising children replaces curiosity with compliance. And once you replace the curiosity with the compliance, you get an obedient factory worker. but you no longer get a creative thinker. And you need creativity, you need…
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1:19:07Àkọ́lé 31: To lay a foundation for learning for the rest of your life, I think you need two things if I was going to try and sum it up. 300s · Speaker 1
To lay a foundation for learning for the rest of your life, I think you need two things if I was going to try and sum it up. One, practical persuasion. And two, you need to go deep in some technical category, whether it's abstract math, or …
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1:24:08Àkọ́lé 32: the faster you're going to learn. 97s · Speaker 2
the faster you're going to learn. It's not just about the hours put in. It's actually a combination of the two, but I think just the way we're built and the way that the world presents itself, the world offers us very easily the opportunity…
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1:25:46Àkọ́lé 33: So why don't we jump into accountability, which I thought was pretty interesting, and I think you have your own unique take on it. 85s · Speaker 1
So why don't we jump into accountability, which I thought was pretty interesting, and I think you have your own unique take on it. So the first tweet on accountability was, embrace accountability and take business risks under your own name.…
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1:27:12Àkọ́lé 34: Same thing with Oprah. 300s · Speaker 5
Same thing with Oprah. She puts her brand on something, her name on something, and it flies off the shelves and it's like instant validator. But these people also take risks for putting their name out there. Obviously, Trump is now probably…
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1:32:12Àkọ́lé 35: You're essentially taking greater downside risk and greater upside risk. 300s · Speaker 2
You're essentially taking greater downside risk and greater upside risk. But realize that in modern society, the downside risk is not that large. You know, even personal bankruptcy can wipe the debts clean in good ecosystems. I'm most famil…
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1:37:12Àkọ́lé 36: das Kapitala and das labor, right? 279s · Speaker 2
das Kapitala and das labor, right? So it's a trap. So you really want to stay out of labor -based leverage. You want the minimum amount of people working with you that are going to allow you to use the other forms of leverage, which I would…
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1:41:51Àkọ́lé 37: Do you want to talk a little bit about permissioned versus permissionless? 300s · Speaker 1
Do you want to talk a little bit about permissioned versus permissionless? Probably the most interesting thing to keep in mind about the new forms of leverage is they are permissionless. They don't require somebody else's permission for you…
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1:46:52Àkọ́lé 38: like a Toyota Corolla. 142s · Speaker 2
like a Toyota Corolla. It's an amazing car. A new Toyota Corolla is a really nice car. But because it's mainstream, the technology has amortized the cost of production over the largest number of consumers possible. And the best products ten…
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1:49:14
People and capital as a form of leverage have a negative externality, and code and product have a positive externality attached to them, if I was going to sum up your point. I think that capital and labor are also starting to become a littl…
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1:50:34Àkọ́lé 40: Yeah, there's some really good microeconomic concepts that are important to understand. 301s · Speaker 2
Yeah, there's some really good microeconomic concepts that are important to understand. One of those is scale economies, which is the more you produce something, the cheaper it gets to make it. That's something that a lot of businesses have…
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1:55:35Àkọ́lé 41: tend to have network effects because it doesn't cost you anything more to stamp out the thing. 303s · Speaker 2
tend to have network effects because it doesn't cost you anything more to stamp out the thing. So then you can just create little hooks for users to add value to each other. So you should always be thinking about how your users, your custom…
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2:00:39Àkọ́lé 42: can find, which is high quality engineers and designers and marketers who are working on the company. 302s · Speaker 2
can find, which is high quality engineers and designers and marketers who are working on the company. And then you may end up with a Trulia or a Redfin or a Zillow kind of company. And then the upside could potentially be in the billions of…
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2:05:42Àkọ́lé 43: as unemotional. 302s · Speaker 2
as unemotional. There is this archetype of the passionate entrepreneur, and yeah, they have to care about what they're doing, but they also have to see very clearly what's actually happening. And the thing that prevents you from seeing what…
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2:10:44
Paul Graham said it pretty well for Y Combinator Startups. He said, you should be working on your product and getting product market fit and you should be exercising and eating healthy. Like, that's about it. That's kind of all you have tim…
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2:15:44Àkọ́lé 45: It takes a long time for markets to adopt products. 135s · Speaker 2
It takes a long time for markets to adopt products. It takes time for people to get comfortable working with each other. It takes time for great products to emerge as you polish away, polish away, polish away. So impatience with actions, pa…
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2:17:59Àkọ́lé 46: Doing coffee reminds me of an old quote, I think, from Steve Jobs when they asked him, hey, why doesn't Apple come to conventions? 301s · Speaker 1
Doing coffee reminds me of an old quote, I think, from Steve Jobs when they asked him, hey, why doesn't Apple come to conventions? Or why don't you come to my convention? And his response was, well, then because we wouldn't be here working.…
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2:23:00Àkọ́lé 47: And our friends and family are better at telling us actually who we are. 205s · Speaker 2
And our friends and family are better at telling us actually who we are. Or looking back at what we've done is a better indicator of who we are. Peter Thiel talks a lot about how competition is... Besides the point, it's counterproductive. …
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2:26:26Àkọ́lé 48: I hate to bring up the Scott Adams skill stack one more time, but I'll still bring it up. 302s · Speaker 1
I hate to bring up the Scott Adams skill stack one more time, but I'll still bring it up. Do you think one way of getting to authenticity is not necessarily adding some random skills that you think might be important, but just really findin…
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2:31:28Àkọ́lé 49: So you just have to make sure that you give these things a proper time. 85s · Speaker 2
So you just have to make sure that you give these things a proper time. Life is long. Charlie Munger had some line on this. Somebody asked him about making money and he reinterpreted that and he said what the questioner is actually asking i…
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2:32:54
My little equation is that your eventual outcome will be equal to something like the distinctiveness of your specific knowledge times how much leverage you can apply to that knowledge times how often your judgment is correct times how singu…
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2:37:57Àkọ́lé 51: to recall your own knowledge. 300s · Speaker 2
to recall your own knowledge. The last tweet on the topic of working for the long term is that 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. That's a multi -…
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2:42:57Àkọ́lé 52: they're just making money off you. 149s · Speaker 2
they're just making money off you. That's their get rich quick scheme. It's not going to necessarily work for you. One of the things about this whole tweet storm and podcast is that we don't have ads on here. We don't charge for anything. W…
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2:45:28
Anytime you see somebody who's actually gotten rich following some guru's advice on getting rich, just remember that in any random process, if you run it long enough and if enough people participate in it, you will always get every single p…
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2:49:54Àkọ́lé 54: They'll say, oh yeah, I agree with that part or that part, you're completely wrong. 143s · Speaker 5
They'll say, oh yeah, I agree with that part or that part, you're completely wrong. The most interesting parts should be the ones that you... disagree with, because clearly I've proven that I know a few things. So if you disagree with it, t…
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2:52:18Àkọ́lé 55: Who is this advice targeted to? 301s · Speaker 1
Who is this advice targeted to? Is it for my Lyft driver? Is it for an internet entrepreneur? Is it for somebody who wants to start a YouTube channel? Because it comes from someone who's steeped in Silicon Valley and tech companies, it's al…
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2:57:19Àkọ́lé 56: Sure, I could point you to some Roman and Greek text, but that's not going to suddenly make you ethical. 167s · Speaker 2
Sure, I could point you to some Roman and Greek text, but that's not going to suddenly make you ethical. There's the golden rule, right? Do unto others as you would have them do unto you. Or there's Nassim Taleb's silver rule, which is don'…
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3:00:07
Do you want to tell us about some of the jobs that you had as a youth and the specific job that kicked off your fanatical obsession with creating wealth? This gets a little personal and I don't want to do the humble brag thing. There was so…
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3:05:09Àkọ́lé 58: are different than the agent's incentives. 195s · Speaker 2
are different than the agent's incentives. So the owner of the business wants what is best for the business and will make the most money. The agent generally wants whatever will look good to the principal or might make them the most friends…
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3:08:25Àkọ́lé 59: The reason I asked about this one first is because I feel like I personally never see the principal agent problem in my work. 302s · Speaker 1
The reason I asked about this one first is because I feel like I personally never see the principal agent problem in my work. I tend to work in small teams where everybody is highly economically aligned. And the people have been filtered fo…
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3:13:28Àkọ́lé 60: Let's say that they're competing right now and the price fluctuates between $8 and $12 for whatever the service is. 301s · Speaker 2
Let's say that they're competing right now and the price fluctuates between $8 and $12 for whatever the service is. Don't be surprised if they both converge on $10 without ever talking to each other. Do you want to talk about Pareto Optimal…
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3:18:29Àkọ́lé 61: You're sweating bullets. 301s · Speaker 2
You're sweating bullets. You're hiring and firing people. You're trying to balance the books. It's highly stressful and it takes years and years of your life. But in one case, you get companies that are worth 50, 100 billion dollars and the…
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3:23:31Àkọ́lé 62: One of the most common questions we get from people is, how do I get the time to start investing in myself? 72s · Speaker 1
One of the most common questions we get from people is, how do I get the time to start investing in myself? I have a job. They'll kick off the answer with one of the tweets from the cutting room floor where you said, you will need to rent y…
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3:24:43Àkọ́lé 63: For example, fund investments or investing in general is one of those skills. 128s · Speaker 7
For example, fund investments or investing in general is one of those skills. Entrepreneurship is one of those skills. One of the most coveted jobs that's come up in Silicon Valley in the last half decade or so is being a chief of staff or …
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3:26:52
If I'm working a job and I want to figure out if I should get accountability, judgment, specific knowledge, leverage, it sounds like you're saying the one thing to optimize for is specific knowledge out of all those things, if you can. Judg…
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3:31:54Àkọ́lé 65: had a role in that. 72s · Speaker 2
had a role in that. That doesn't mean that you stomp all over your team. Humans are extremely sensitive to people who take too much credit. So you do want to be the kind of person that is always giving out credit. But the smart people will …
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3:33:07
If you're working a job, I think you can apply a lot of the principles of the tweet storm inside the job, like we just discussed, including other ones like partnering with rational optimists. You can find people in the organization who are …
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3:34:51Àkọ́lé 67: what do you do every day? 40s · Speaker 4
what do you do every day? And they can't give you a straight answer or it's something on lines of, well, every day is different based on what's going on. That's a good indicator you're learning specific knowledge. The thing is so complicate…