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Naval on wealth, investing, startups, tech and life. Founder of AngelList, investor in Uber and hundreds more, author of Venture Hacks and Startupboy.
Externalities: Calculating ...
Externalities let you account for the true cost of products by including hidden costs like environmental damage.
What future income is worth today by applying a discount to its future value.
A lot of people are willing to pay more than what companies charge.
Charge people for extras based on their propensity to pay.
Life gets a lot easier when you know someone’s got your back.
Improve your leverage in negotiations by turning short-term relationships into long-term ones.
People who can’t communicate can cooperate by anticipating the other person’s actions.
Don't ruin your reputation or get wiped to zero.
If you think and act like an owner, it’s only a matter of time until you become an owner.
Envy can give you a powerful boost, or it can eat you alive if you let it follow you.
If you cut fair deals, you will get paid in the long run.
The goal is that we are eventually wealthy and working for ourselves.
Misunderstanding accountability, and other mistakes on the path to creating wealth.
One giant episode with every interview on How to Get Rich.
Figure out what you're uniquely good at and apply as much leverage as possible.
Get rich quick schemes are just someone else getting rich off you.
When you're finally wealthy, you'll realize it wasn't what you were seeking in the first place.
Most advice is people giving you their winning lottery ticket numbers.
Apply specific knowledge with leverage and eventually you will get what you deserve.
Competition will blind you to greater games. You're one step away from a better market.
Competition can make you play the wrong game. No one can compete with you on being you.
Become the best in the world at what you do. Keep redefining what you do until this is true.
You should be too busy to “do coffee”, while still keeping an uncluttered calendar.
Work as hard as you can. Even though what you work on and who you work with are more important.
If outsourcing a task will cost less than your hourly rate, outsource it.
Everything we've discussed so far has been setting you up to apply judgment.
The continuum from laborer to real estate tech company goes from low to high specific knowledge, accountability and leverage.
Ideally, you should pick a business model with network effects, low marginal costs and scale economies.
Labor and capital are limited to the people who control those resources. But products reach global markets.
Product and media are the leverage of new wealth. Create software and media that work for you while you sleep.
Wealth requires leverage. Labor and capital are older forms of leverage that everyone is fighting over.
If you have high accountability, you're less replaceable and you can get a piece of the business.
Embrace accountability. Society will reward you with leverage.
There's no actual skill called business. Avoid business schools and magazines.
If you understand mathematics and logic, you have the basis for understanding everything else.
You should be able to pick up any book in the library and read it.
Learn to sell. Learn to build. If you can do both, you will be unstoppable.
Specific knowledge tends to be creative or technical. It's on the bleeding edge of technology, art and communication.
Arm yourself with specific knowledge. It can't be trained but it can be found by pursuing your genuine curiosity.
Don't partner with cynics and pessimists. Their beliefs are self-fulfilling.
Picking partners with high intelligence, energy and integrity is the three-part checklist that you can't compromise on.
Pick an industry where you can play long-term games with long-term people. All returns in life come from compound interest over many turns of the game.
The Internet has massively broadened the possible space of careers, by allowing you to scale any niche obsession.
Society will pay you for creating what it wants, but doesn’t know how to get, and delivering it at scale.
People living far below their means enjoy a freedom that people busy upgrading their lifestyles just can't fathom.
You won't get rich renting out your time, because you can't earn non-linearly.
Build your character in a way so luck becomes deterministic.
Making money isn't about luck. It's about becoming the kind of person who makes money.
We're the only animals who cooperate across genetic boundaries, because we can track credits and debits in voluntary exchanges.
Wealth isn't about taking something from somebody else—it's about creating abundance for the world.