How to Get Rich With No Luck r/Entrepreneur | Reddit Finance #Finance

How to get rich without being lucky ( Picked up from twitter). Pre note: First Silver ! Elated much.Hi Folks! Picked up an interesting (and much famous thread) from twitter by a user named Naval (founder of AngelList) on twitter. Here’s a summary of the tweetstorm. Link to the twitter

thread will be in the description. 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. Understand that ethical wealth creation is possible. If you secretly

despise wealth, it will elude you. Ignore people playing status games. They gain status by attacking people playing wealth creation games. You’re not going to get rich renting out your time. You must own Equity – a piece of a business – to gain your financial freedom.

You will get rich by giving society what it wants but does not yet know how to get. At scale. Pick an industry where you can play long term games with long term people. The Internet has massively broadened the possible space of careers. Most people haven’t figured this out yet. Play iterated

games. All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest. Pick business partners with high intelligence, energy, and, above all, integrity. Don’t partner with cynics and pessimists. Their beliefs are self-fulfilling. Learn to sell. Learn to

build. If you can do both, you will be unstoppable. Arm yourself with specific knowledge, accountability, and leverage. Specific knowledge is knowledge that you cannot be trained for. If society can train you, it can train someone else, and replace you. Specific knowledge is found by pursuing your

genuine curiosity and passion rather than whatever is hot right now. Building specific knowledge will feel like play to you but will look like work to others. When specific knowledge is taught, it’s through apprenticeships, not schools. Specific knowledge is often highly technical or creative. It

cannot be outsourced or automated. Embrace accountability, and take business risks under your own name. Society will reward you with responsibility, Equity, and leverage. The most accountable people have singular, public, and risky brands: Oprah, Trump, Kanye, Elon. “Give me a

lever long enough, and a place to stand, and I will move the earth.”- Archimedes Fortunes require leverage. Business leverage comes from Capital, people, and products with no marginal cost of replication (code and media). Capital means money. To raise money,

apply your specific knowledge, with accountability, and show resulting good judgment. Labor means people working for you. It’s the oldest and most fought-over form of leverage. Labor leverage will impress your parents, but don’t waste your life chasing it. 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. Code and media are permissionless leverage. They’re the leverage behind the newly rich. You can create software and media that

works for you while you sleep. An army of robots is freely available – it’s just packed in data centers for heat and space efficiency. Use it. If you can’t code, write books and blogs, record CashNews.cos and podcasts. Leverage is a force multiplier for your judgement. Judgement

requires experience, but can be built faster by learning foundational skills. There is no skill called “business.” Avoid business magazines and business classes. Study microeconomics, game theory, psychology, persuasion, ethics, mathematics, and computers. Reading is faster than listening.

Doing is faster than watching. You should be too busy to “do coffee," while still keeping an uncluttered calendar. 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 your hourly

rate, outsource it. 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. Become the best in the world at what you do. Keep redefining what you do until this is true. There are no get rich quick schemes. That’s just someone else

getting rich off you. Apply specific knowledge, with leverage, and eventually you will get what you deserve. When you’re finally wealthy, you’ll realize that it wasn’t what you were seeking in the first place. But that’s for another day. Have a great day 🙂 P.S- If you found

this helpful, then do consider reading my interviews with women running Profitable businesses at WomenHustlers. Well in my case, step one stop being a degenerate alcoholic. Man has this quarantine shown me how much I wasted on bars. Super long term, maybe this isn’t great

advice but medium term, at least, as someone who wants to, and does, drink some booze every day…my key is to wait until I’m home for the night and done my "stuff" for the day, whatever that is. I’ve always been able to delay that first beer until I’m home from

work. So I get to it, work hard, and then know my beer vodka wine whatever is waiting when I finish. Ideal? Nah. But works for me. This is basically the entire book of Rich Dad Poor Dad in a single post XD. Apart from this some other points that he has talked about. Like other skills such as maths

being happy is also a skill and it can be taught. Don’t have too many burning desires all at once, It is okay to have wishes but don’t have multiple. Universe doesn’t work that way. I think the spirit of this comment is: Don’t do coffee dates with status chasers or those

whom want to use you to sell to. For example I get about 100 linked in requested a month. Mostly from businesses who, for some reason, think I need outsourced software developed. I ignore those. But I also get some ppl from my city who want to grab coffee to tell me about their business. These are

usually loose connections or ppl I don’t even know. They usually want the same thing. To sell me something. It is a complete waste of time. Absolutely go for coffee with loved ones and friends. Business coffees w. strangers is a waste 99% of the time. You are popular. I get one coffee

invitation a month and thats with my mum. Navalism!!!! Has someone watched his session with Joe Rogan? That session is worth in gold. Here’s the link for those who haven’t seen it. Joe Rogan Experience

href="https://cashnews.co/tag/1309/">#1309 – Naval Ravikant ink in description. Thanks for the link!! So much to take away from this that I’ll have to relisten several times. I’ve probably listened to that podcast 5 times start to finish. It’s definitely one of the best. Gonna

listen to that. Excellent content. I was 22 when I decided I’d retire by 40. I retired at 39. Here is what worked for me. I lived the 7 Habits book in granular detail. No one cares how much you know until they know how much you care. Never think about money. Poor people think about money. Focus

only on doing what you love as well as you can. Your time is free. It’s your skill that has a rate. Talk to anyone for free but never do your skill for free. Buy Real Estate and hold it for decades or longer. As someone who also retired in their 30s, I find these platitudes to be

pretty bad advice, especially now. Except maybe for the Real Estate thing. But you can’t really do that properly until you’ve already made it. Goes to show: there’s more than one right answer. I’m definitely not wealthy yet, but I’d add one on there, that

I’ve learned from quite a few extremely wealthy bosses and friends. Get close to rich people. It should be in real life, but the internet does afford you the chance to get closer to rich people than it ever used to. I don’t mean double click their photos on instagram, I mean find ways

to be where they are and live how they live as much as possible. Do it in an affordable way, but it’s a lot harder to get rich hanging out with poor people than hanging out with rich people. You’ll also learn how they get their money (and people and robots etc) to work for them.

It’s hard to do, and I’m not recommending being some con man pretending to be rich or a leech on rich people, but there are ways to get in the good graces of wealthy people and learn and earn from them. This just feels like that random motivation poop shared on Instagram that isn’t

really helpful. Well, according to Carole Baskin, there are many ways to make money. There are even ways that may seem like an accident, but aren’t accidents at all. Wow, thank you so much for watching the entire CashNews.co, if you enjoyed it let me know in the comments below. Also just

wanted to make this clear this youtube channel is not solely about financial and business related reddit posts. There will be many CashNews.cos that are just entertaining, but most of the content will have some sort of connection to business and

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance. Big disclaimer, this is solely for entertainment purposes only, and is not financial advice from Reddit none;">Finance.Have a great day!