Naval Ravikant is asked by a 21-year old (with no money) what he should do in order to get rich. For not spoiling you the video, I will just say that it has to do with a behavior that implies delayed gratification and thinking in a non-linear way (we humans are biased to think linearly, so is not easy).
👉 Naval Ravikant
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📚📚📚 The 8 Books to Learn How to Invest (List made by SuperInvestor Mohnish Pabrai):
📖 The 1957 – 1970 Buffett Partnership Letters
* Free – http://csinvesting.org/wp-content/uploads/2012/05/complete_buffett_partnership_letters-1957-70_in-sections.pdf
📖 The Berkshire Hathaway Shareholder Letters
* Free – https://www.berkshirehathaway.com/letters/letters.html
* Amazon Store (affiliate Link – No Extra Charge) – https://amzn.to/3ESbfSU
📖 Buffett: The Making of an American Capitalist, by Roger Lowenstein.
* Amazon Store (affiliate link – No Extra Charge) – https://amzn.to/3mRiWCN
📖 The Snowball: Warren Buffett and the Business of Life, by Alice Schroeder.
* Amazon Store (affiliate link – No Extra Charge) – https://amzn.to/2Ynf0Ad
📖 Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger, Expanded.
* Amazon Store (affiliate link – No Extra Charge) – https://amzn.to/3kxgrEj
📖 The Dhandho Investor: The Low-Risk Value Method to High Returns, by Mohnish Pabrai.
* Amazon Store (affiliate link – No Extra Charge) – https://amzn.to/3GWLgvz
📖 How to Get Rich: One of the World’s Greatest Entrepreneurs Shares His Secrets, by Felix Dennis. * Amazon Store (affiliate link – No Extra Charge) – https://amzn.to/3bPg4jE
📖 The Origin and Evolution of New Businesses, by Amar Bhide.
* Amazon Store (affiliate link – No Extra Charge) – https://amzn.to/3EQseF9
✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎ End Notes ✎ ✎ ✎ ✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎
Work Ethic doesn’t matter. You can work as hard as possible and Not get rich. — So, getting rich is not about pure Hard Work. But if Hard Work is directed in the right way, then it matters.
(Getting Rich) is about knowing What to do, When to do it, and with Whom to do it. It is about understanding. Once you figure this out, the next is about executing the path — which will probably require the hard work.
But as we see, hard work comes implicitly by figuring out a path/destination. Don’t do the hard work for its own sake, that would be a waste of time.
This is why the most important skill for becoming rich is to be a perpetual learner. Become a good learner and don’t be intimidated by any book.
And when feeling confuse during the learning sessions — That’s OK. Your brain is like a muscle, and it means that is being”trained”.
Foundation of “axioms” (based on full truth) are critical for learning and interpreting new information. So, when developing the “axioms” make sure you are consuming high quality information.
How do we make sure that our foundation is high quality?
1. Stick to Hard Science, Mathematics, MicroEconomics and the “basics”. Why? There is no disagreement between people in these areas, so they are solid foundations. e.g./ Arithmetics and geometry (instead of complicated calculus), Microeconomics (instead of Macroeconomics), ….
2. Read the Classics on timeless topics. Evolution? Charles Darwin. Economics? Adam Smith.
Once you acquire the solid foundations, you won’t fear any book, and will have the confidence to learn anything you want. And the more you learn, the more options you will have on how to make money. Because you can understand new trends in society (where is the demand, value…).
” If you are a perpetual learning machine, you will never be out of options on how to make money”
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