"A lot of people think that making money is about luck. It's not. It's about what kind of person can make money. Out of 1,000 parallel universes, you want to be rich in 999 of them. You don't want to be rich in 50 of them and you're lucky. We want to bring happiness from it. - Naval Ravikant
On May 31, 2018, "The Angel Philosopher" Naval Ravikant released a 40-tweet tweetstorm that has since become one of the most influential works on Ethical Wealth Creation. This article provides a summary, definitions of key terms, and a mind map to help internalize the advice.
Key concepts we need to understand
- Wealth: Assets that make money while we sleep.
- Money: How we transfer time and wealth.
- Status: Our place in the social hierarchy.
- Specific knowledge: Knowledge that we cannot train. Often highly technical or creative and cannot be outsourced or automated. Permitted Leverage: Leverage that must be provided to us by another person. For example Capital and Labour.
- Capital: Money.
- Employees: People who work for us.
Tweetstorm summary
By arming ourselves with specific knowledge, responsibility, and leverage, and partnering with long-term people of high intelligence, energy, and integrity, we'll get rich by building and selling the company what it wants but doesn't know yet how it's available at scale.
This advice, if followed over time, can help us build behavioral wealth. This is not a get rich quick scheme!
It's worth reading a more detailed article on this topic on Naval's website, where he analyzes each tweet:
Mind maps to help us internalize advice
#how #to #get #rich #london #the #money #love #luxury #your #what #uk #on #business #lol #be #casualstyle #wealth #in #about #millionaire #life #thefirstfivedaysaftertheweekendarealwaysthehardest #entrepreneur #amazing #you #outfits #success #could #day