How to get rich (without getting lucky)

By ga38jem | Crypto Events | 19 Sep 2021


This time a non-crypto related topic. This time it is about general things that people should follow if they want to get rich. This psot is inspired by the tweets of Naval Ravikant who is an entepreneur and investor. He was very succesful in investing in Uber, Twitter, Stack Overflow and many more. At some point he tweeted a series of advices which I want to share witho you:

"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."

For me this advice is really one of the most fundamental ones. Nobody should spend his money on buying fancy cars if he can not afford them just to show off his "status". Furthermore, I think he is right with the asset part. If you can have assets like crypto that earn you rewards whil you sleep you are already one step closer to more wealth.

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

This basically means, that if you are building wealth and do not care about the status then you should not care about people who are only focusing on the status. This makes sense because everything these people will say will not make sense to you since you are playing two different games.

"You are not going to get rich renting out your time. You must own equity - a piece of a buisness - to gain your financial freedom."

This was a very difficult one for me to udnerstand at first. Not everybody can own a buisness and everybody has to start working somewhere right? But I think what he means by that is that this could be your starting point. When you start saving your money you can invest in the stock market. This way everybody can own a part of a buisness! At least that is how I am interpreting this at the moment.

"The internet has massively broadened the possible space of careers. Most people have not figured this out yet."

I agree with him. The Internet is becoming the most relevant thing on earth. This means that job opportunities should be everywhere. Everyone can open up an online buisness and everybody can sell their skills in the Internet. It is a really exciting time to live in right now.

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

In my opinion this is a very strong quote. If you really thing about it, every buisness has to sell something to make revenue. To be successfull you also need to produce or "build" some good. This quote can bring you far in life!

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

If you love doing something you should try to be an expert in it! With this skill you can take on responsibility and by leveraging this skill get more wealth out of it.

"When specific knowledge is taught, it is through apprenticeships, not schools"

I do not agree with this one fully. I think schools can teach you a lot of background knowledge and basics. But no education is fullfilled with the hands on experience. That is why I think that both is needed to be successfull.

"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."

That means that you can not start at the top. You always have to prove yourself so people can follow you. It might be at the job where you want the team leader position. But every team leader has to show the team that he deserves to be in this position. It is similar with capital. Most of the time you have to show that you have money or can handle money to get a loan.

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

The best example for this is YouTube or TikTok. How many creators are now millionaires who are 22 years old or younger. Especially with media you can earn money really quickly.

"If you can not code, write books and blogs, record videos and podcasts"

That is a little bit harsh. I am sure that 90% of all the visitors of publish0x can code! (me included) Nevertheless, it is also a good thing to write books and blogs. I think it is fun and reduces the stress level of everyday life.

"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 hourly rate, outsource it."

This one speaks for it self. I think it is for the more advanced people out there who are already having a buisness or are self employed. For me this is a quote that could be important in the future.

"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 should be general advice in life. If you start doing something, give it all you got. 100% and never less than that. If you do this, no matter if this is in your professional life, a hobby or your love life. If it does not work out you can not blame yourself for that!

"There are no get rich quick schemes. That is just someone else getting rich off you."

This one is my favorite! And I think everybody has seen this at some point of his live. This can not be closer to the truth. Real wealth is accumulated slowly and over time. Except you invested in GameStop, AMC or DogeCoin and sold at the right time :D. Furthermore, all of these "I will get you rich" courses in the Internet the real benefitor is the teacher or mentor. Why else would they do it?

"When you are finally wealthy, you will realize that it was not what you were seeking in the first place. But that is for another day."

I am very curious what he means by that. Since I am not wealthy I really want to know.

 

Published by ga38jem on Publish0x on the 19th of September 2021

 

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ga38jem
ga38jem

Hi there! I am a very active person and like to do a lot of sports. One of my hobbies is also the crypto market and I like to write about recent events and trends :)


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