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We Should Eventually Be Working for Ourselves
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
Accountability Means Letting People Criticize You
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
How to Get Rich: Every Episode
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
Productize Yourself
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
There Are No Get Rich Quick Schemes
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
A Calm Mind, a Fit Body, a House Full of Love
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
Reject Most Advice
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
Eventually You Will Get What You Deserve
Apply specific knowledge with leverage and eventually you will get what you deserve. • On a long enough time scale you will get paid 0:00 • What are you really good at that the market values? 1:59 Transcript: http://nav.al/deserve
Play Stupid Games, Win Stupid Prizes
Competition will blind you to greater games. You're one step away from a better market. • Businesses that seem like they're in direct competition really aren't 0:00 • My first company got caught up in the wrong game 1:23 Transcript: http://nav.al/stupid-games
Escape Competition Through Authenticity
Competition can make you play the wrong game. No one can compete with you on being you. • Competition will trap you in a lesser game 0:00 • No one can compete with you on being you 1:27 • In entrepreneurship, the masses are never right 2:40 • Combine your vocation and avocation 3:45 Transcript: http://nav.al/competition-authenticity
Keep Redefining What You Do
Become the best in the world at what you do. Keep redefining what you do until this is true. • Keep redefining what you do until you're the best at what you do 0:00 • Find founder-product-market fit 1:35 Transcript: http://nav.al/redefining
Be Too Busy to “Do Coffee”
You should be too busy to “do coffee”, while still keeping an uncluttered calendar. • Be too busy to “do coffee” while keeping an uncluttered calendar 0:00 • People will meet with you when you have proof of work 2:00 • Networking is overrated even early in your career 2:09 Transcript: http://nav.al/meetings
Work As Hard As You Can
Work as hard as you can. Even though what you work on and who you work with are more important. • Work as hard as you can 0:00 • But what you work on and who you work with are more important 1:00 • Nobody really works 80 hours a week 2:22 • Inspiration is perishable 3:05 • Impatience with actions, patience with results 3:36 Transcript: http://nav.al/work-hard
Set an Aspirational Hourly Rate
If outsourcing a task will cost less than your hourly rate, outsource it. • Set and enforce an aspirational hourly rate 0:00 • You can't penny pinch your way to wealth 1:27 • My aspirational rate was $5,000/hr 1:56 • If you can outsource something for less than your hourly rate, outsource it 2:57 • Your hourly rate should seem absurdly high 3:39 Transcript: http://nav.al/hourly-rate
Judgment Is the Decisive Skill
Everything we've discussed so far has been setting you up to apply judgment. • In an age of infinite leverage, judgment becomes the most important skill 0:00 • Everything else you do is setting you up to apply judgment 1:21 • Judgment is knowing the long-term consequences of your actions 2:40 • Without experience, judgment is often less than useless 3:15 • The people with the best judgment are among the least emotional 4:05 • A lot of the top investors often sound like philosophers 5:18 • The more outraged someone is, the worse their judgment 6:00 Transcript: http://nav.al/judgment