Naval

If you think and act like an owner, it's only a matter of time until you become an owner.

• A principal is an owner; an agent is an employee 0:00

• A principal's incentives are different than an agent's incentives 1:08

• If you can work on incentives, don't work on anything else 2:15

• When you do deals, it's better to have the same incentives 3:15

• If you're an employee, your most important job is to think like a principal 4:05

• Deal with small firms to avoid the principal-agent problem 5:29

Transcript: http://nav.al/principal-agent

Envy can give you a powerful boost, or it can eat you alive if you let it follow you.

• Suffering through the wrong thing can motivate you to find the right thing 0:00

• Being a lawyer was not what I was meant to do 1:14

• Envy can be useful or it can eat you alive 2:28

Transcript: http://nav.al/envy

If you cut fair deals, you will get paid in the long run.

• Ethics isn't something you study; it's something you do 0:00

• Trust leads to compounding relationships 0:51

• Being ethical attracts other long-term players 1:19

• Being ethical is long-term greedy 1:58

• If you cut fair deals, you will get paid in the long run 2:40

Transcript: http://nav.al/ethics

The goal is that we are eventually wealthy and working for ourselves.

• This advice is for anybody who wants to be entrepreneurial 0:00

• Middle age can be the most fruitful time to apply this advice 0:48

• Look up the value chain to find leverage 1:58

• You will do better in a small organization 2:43

• The goal is that we are all working for ourselves 3:25

Transcript: http://nav.al/target-audience

Misunderstanding accountability, and other mistakes on the path to creating wealth.

• Accountability means letting people criticize you 0:00

• The most interesting parts should be the ones you disagree with 1:06

• Get the free leverage that's available in tech 1:53

• Not doing things because other people can't do them is living in denial 2:21

• Realize your philanthropic vision by running a business 2:54

Transcript: http://nav.al/common-mistakes

This giant episode collects every interview I've done on "How to Get Rich." It includes 10 minutes of unreleased material—at the end—on "Finding Time to Invest in Yourself."

Transcript: http://nav.al/rich

Seek Wealth, Not Money or Status 1:30

Make Abundance for the World 6:40

Free Markets Are Intrinsic to Humans 10:21

Making Money Isn't About Luck 14:19

Make Luck Your Destiny 19:25

You Won't Get Rich Renting Out Your Time 24:00

Live Below Your Means for Freedom 28:40

Give Society What It Doesn't Know How to Get 31:01

The Internet Has Massively Broadened Career Possibilities 33:44

Play Long-term Games With Long-term People 38:23

Pick Partners With Intelligence, Energy and Integrity 44:24

Partner With Rational Optimists 49:09

Arm Yourself With Specific Knowledge 54:34

Specific Knowledge Is Highly Creative or Technical 1:00:53

Learn to Sell, Learn to Build 1:06:24

Read What You Love Until You Love to Read 1:10:59

The Foundations Are Math and Logic 1:12:00

There's No Actual Skill Called "Business" 1:16:48

Embrace Accountability to Get Leverage 1:20:06

Take Accountability to Earn Equity 1:25:37

Labor and Capital Are Old Leverage 1:30:06

Product and Media are New Leverage 1:35:01

Product Leverage is Egalitarian 1:39:42

Pick a Business Model With Leverage 1:44:56

Example: From Laborer to Entrepreneur 1:50:51

Judgment Is the Decisive Skill 2:01:15

Set an Aspirational Hourly Rate 2:07:41

Work As Hard As You Can 2:11:26

Be Too Busy to "Do Coffee" 2:16:34

Keep Redefining What You Do 2:20:38

Escape Competition Through Authenticity 2:22:41

Play Stupid Games, Win Stupid Prizes 2:28:17

Eventually You Will Get What You Deserve 2:30:53

Reject Most Advice 2:35:00

A Calm Mind, a Fit Body, a House Full of Love 2:37:55

There Are No Get Rich Quick Schemes 2:42:02

Productize Yourself 2:46:42

Accountability Means Letting People Criticize You 2:48:55

We Should Eventually Be Working for Ourselves 2:55:33

Being Ethical Is Long-Term Greedy 2:56:58

Envy Can Be Useful, or It Can Eat You Alive 3:00:23

Principal-Agent Problem: Act Like an Owner 3:03:51

Kelly Criterion: Avoid Ruin 3:10:33

Schelling Point: Cooperating Without Communicating 3:12:03

Turn Short-Term Games Into Long-Term Games 3:13:55

Compounding Relationships Make Life Easier 3:16:36

Price Discrimination: Charge Some People More 3:19:04

Consumer Surplus: Getting More Than You Paid For 3:20:14

Net Present Value: What Future Income Is Worth Today 3:21:03

Externalities: Calculating the Hidden Costs of Products 3:22:05

Bonus Material: Finding Time to Invest in Yourself 3:23:47

Figure out what you're uniquely good at and apply as much leverage as possible.

• Figure out what you're uniquely good at and apply as much leverage as possible 0:00

• Find hobbies that make you rich, fit and creative 1:07

Transcript: http://nav.al/productize-yourself

Get rich quick schemes are just someone else getting rich off you.

• There are no get rich quick schemes 0:00

• We don't have ads because it would ruin our credibility 0:56

• Every founder has to lie to every employee 2:02

• Anyone giving advice on how to get rich should have made their money elsewhere 3:02

Transcript: http://nav.al/rich-quick

When you're finally wealthy, you'll realize it wasn't what you were seeking in the first place.

• When you're wealthy, you'll realize it wasn't what you were seeking 0:00

• A calm mind, a fit body and a house full of love must be earned 1:00

• Practical advice for a calmer internal state 1:52

• A lot of divorces happen over money, a lot of battles happen over internal anger 3:14

Transcript: http://nav.al/finally-wealthy

Most advice is people giving you their winning lottery ticket numbers.

• The best founders listen to everyone but make up their own mind 0:00

• Advice is maxims you can recall later, when you get your own experience 1:29

Transcript: http://nav.al/reject-advice