Naval Ravikant | The Most Important Skill To Get Rich - And Debunking The Lies [with Charlie Munger]
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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).
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👉 Naval Ravikant
📚 Books (Free!)
📖 The Almanack of Naval Ravikant
✑ www.navalmanac...
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* • Charlie Munger Commenc...
* • Naval Ravikant was liv...
✎ 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"
✎ ✎
#Naval #Ravikant #Periscope
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What a beautiful quote: "Formal education will make you a living; self-education will make you a fortune"
and its complete BS
@@silent_simulator9590 well its somewhat true but its not that dichotic. Education is education. But successful people are always learning
@Silent_Simulator My wealthiest friend is a high school dropout. College bored me. I got into sales in my early twenties and started my business at 30. 30 years later still a successful business earning multi-six figures a year.
@@jmm1817 you surely know that 2 stories are not a statistical proof, right?......
@Silent_Simulator It's common sense trust me, I've been around the business world all my life. Millions of stories👍🏼
"Education will get you a job, knowledge will make you rich" ✅👍
i used to be scared of maths but not anymore,i avoided studying it due to this fear ,still new to studying it but i am not scared of studying any books now.I think Naval is so right about this thing is this fear causes us procrastination,not sure about others but to me it did and that wasted so much of my time.
Check out khan academy, should go pretty deep and be free if I remember correctly
Yes I’ve been trying 3d lighting and if it wasn’t for the fear of shame and my age or time or if it’s for me etc…I would’ve produced a portfolio already! Hahaha but now I’m back at it and actually, I feel the fear and I’m like “I can’t afford this fear anymore”
Time pressure is also real, when your parents and environment are pushing you to do things fast. and even school system is same.
Save
Mindset. Think different. Be able to sacrifice. Enjoy delayed gratification. Take calculated risks. Have thick skin. Stay humble. I grew up poor...like no lunch and no lunch money. Made many mistakes, specially on perspective and relationship with money. Learned the hard way. Success comes with having goals, making mistakes & overcoming challenges and having desire to succeed, persistence and determination.
🫶🏾💫
Glad someone is cleaning an oven in the background
Very handy.
I wasn't expecting to agree with the point about reading the right things in the wrong order. As soon as he said that I rolled my eyes, but after he explained the part about having an incorrect foundation/worldview, I was completely on board. Smart guy.
In the right order gives a plotted trajectory of prior discoveries and then a projection forward about where things may be going next.
I think this video best explains part of the huge problem with public education. Public school isn’t designed to build strong foundations in the basics. Rather it is a mechanical crap shoot, and they set the tempo, regardless if you’re actually learning. The education system is also purposely built to catapult you into “higher education”, where you are expected to learn advanced concepts and ideas, but aren’t proficient at any of the basics.
If I knew that when I was younger, oh man, I’d be really far ahead than where I want to be today at 25. Thankfully, today is a new day to start with the basics and achieve mastery later; but ultimately work toward understanding everyday. This video helped me reflect on how much I actually don’t know, but thought I did know. My circle of competence is way smaller than I thought. Thank you Naval Ravikant
Schooling is design to create obedient workers who won't rise up, not to educate.
The best thing about this video is that they are providing notes.
thank you!!
Warren Buffett has mastered what patience looks like. He has stuck to the markets, having a long term view on the markets. This is what I'm struggling to do, trying to learn how to not react to market news about inflation and all. I have currently set aside about $253k to put in the market now that prices are down. Any ideas?
It takes some gut to really remain in the market despite downturns and all. So just find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.
I agree. I have pulled in more than $1.4 million since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.
@@sommersalt88 This is something I've been planning to do for a while now. My portfolio has been falling, and I'm scared, but I know the market always recovers. I wonder if I've been on the right stocks. How do I get in touch with your advisor?
I work with "LISA ELLEN SHAW". I understand what it's like to see your portfolio going down. I hope the performance improves.
@@sommersalt88 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before engaging her services. She seems proficient considering her résumé.
Quality distilled quotes, speeches and tips. I appreciate this thank you. I am 36 years old and I definitely spent a lot of time on the wrong things.
Thank you! We all have :)
Nothing is actually wrong... it's time... but you got experience, right. you can use those experiences now.
I know someone who did just what you said. He read a book on a subject, then went & taught other people about it, made a pile of money, then went onto another subject. Then brought shares in multiple business
This is excellent . In my field the top earners are the ones who are best at the simple basics and being consistent
This TH-cam channel is everything. Please don’t stop
Thank you !
Thanks for this. Great content. Just one observation: Naval has highly recommended David Deutsch in the past. DD believes that in scientific matters in particular it is in fact not recommended to go to the original source (Darwin, Einstein, etc.) because our current understanding has improved considerably, and the original authors aimed their explanations at their contemporary peers.
Thank you :) And thanks for the comment, the statement makes sense
This statement is true by no means.
Give this some thought:
Original work will also give you an appreciation of the fact that things that we think are the facts but then time and more evidence (thanks to science) has the ability to nullify it over time.
You'll miss this when you'll read what is a fact right now.
@@ANKITSHARMA-tn6fl Excellent observation! Just to clarify, Deutsch didn’t say that one should never read the original text, just that it’s not the best starting point. So, learn contemporary Neo-Darwinism before reading On the Origin of Species, or an up to date physics textbook before Newton’s Principia.
This statement is true. However, my understanding of what is being said is, read the originals first, and when you have strong foundation of that, read the current sources and see how much improvements have been made to the subject. That way we can naturally grow the spirit of research-thinking mindset.
This is awesome. Thank you for the ending summary and added value. Highly appreciated.
Thank you so much ❣
Sounds like someone's juggling BBQ grills in the background.
Knowing what to do, when to do and whom to it with will make you rich.
Getting fundamentals right, like mathematics and science and micro economics is very important in life.
Being a perpetual learner will make you rich. There shouldn't be a book which scares you no matter what the age.
New sub, great content. You teach by revealing HOW to think, not WHAT to think. The fortunate few will know WHY to think.
Thank you !!
Every time I feel lost and don't know what to do in life, I come back and watch this video.
I’m 45, worth million +, I started at 34. If you are 20, start hustling in the right direction. Now.
I’m 34 n just starting, with 3 kids as a single mum🙏🏼
*11 BASIC Life Skills All Men Must MASTER! (by Age 30 & 40)*
1) Believing with yourself
2) Small talk to dominate social situation
3) Mentally strong 🧠
4) How well you can satisfy your partner
5) Comfortable in your own skin
6) Saving n Investing - money mgt 💰
7) Self aware on your emotion
8) Self Defense
9) Time mgt
10) Stand up for yourself
11) Emphatetic
Take it easy and I hope you found one thing helpful in this list.
Thats a great list. Thank you.
“All men,” eh?
Thank you picking nuggets for everything you are doing
Appreciate it !
That's right being a perpetual learner, it's not about the product as much as it is about the process
The fact that he, and many others in his “cohort” time and again recommend reading Adam Smith, Mises and Hayek as foundational economics says a lot when most economists these days wouldn’t dare recommend Mises or Hayek.
It’s quite telling about the economics profession when the people who actually create value espouse a much different school of thought
Smith too old economic thoughts, Mises and Hayek are propaganda not science, popularised in order to destroy social state, predecessors of todays criminal neoliberalism
that was so informative and the way you take notes and present them is just as amazing as the content. Thanks
Really appreciated 💖
The ability to learn, Becoming a perpetual learner!
Thank you TH-cam algorithm for this gold nugget 🏆
I appreciate the extra work u put in it as notes and all.....thanks 🙌, great work
Thank You very much !!
The music is delightful. Thanks.
The description of your videos is nice. Please keep providing the source (links to the youtube videos from where the clips were taken). Good job!
Thank you very much :)
Navals in the back of house kitchen when recording this lol appreciate all the Wisdom my friend!
Thank you :)
Yah, I kept hearing someone raking across those wire shelves found in most kitchen storages.
You're great, Sir. Microeconomics, I'm going to study this.
Before deciding what information will form your foundation seek the opposite view. Only then will you know what you really believe after you’ve made a balanced assessment.
Very original, inspiring and straight.... looking forward to many more
Thank you !!
Great stuff. Thank you!
Welcome!
This channel is GOLD
thanks !!
Oh, now I understand why this channel is called "Picking Nuggets" 👍🤓
Why there are background noise? Kinda irritating!!
Sounds like somebody loading munitions into a tank
In this age while we are still lucky with development of crypto, simple way to at least $1 million is owning at least 0.1 bitcoin and 1 Ethereum. Do this and hold for anywhere between 3-8 years. Just hold regardless what happens. Very high probability you will be millionaire. If want 2-3, etc more million just add more allocation. If can not afford that just start with adding $50 or whatever can afford a month
wow! a lot of learning in one video totally worth watching! thank you!
Thanks for the comment :)
6:40 nailed it !
I wish I could give this video more than one like. If I could, I would.
👏👏👏👏👏
Appreciate it :)
What a great Video, I feel great everyday from the power of youtube
thank you !!
10 : 40 Charlie on Warren's love of reading and discussing what he's read with the people he trusts.
I love this channel so much, and this is the only video I have seen
thank you !!
I'm pretty sure nobody's gotten rich listening to Naval Ravikant quotes, no matter how attractive and pithy they sound.
Finally. A comment that really resonates with me here! Nice work.
I love these videos, lot of learnings from your videos. Thanks for your time to prepare the notes section.
I have one request. Since you are preparing the notes of important points manually, is it possible to paste the notes in the description or a Google docs?? I have a habit(many of them might) noting down important points for future references and it would be helpful if I can watch the video to Gain Knowledge and also document it for future ref.
Please do it if it's not too much, it would be very helpful.
Thank you!!
You can check the notes in the description at the end! (I always post it since 10 videos ago).
@@PickingNuggets got it..thank you, it's very helpful 👍
Reading books will never get you wealthy. That’s just how these people sell their online courses. What you need is hunger and passion for something.
He does not sell any books. But I agree on the hunger/passion, at the end of the day you have to act and go deep into something
What are the names he mentions after Adam Smith at 4:26?
1:00 first figure out what to work on.
Thank you
Great video.. I don’t know who’s really hear this but if you really want to generate wealth, start small and with the little that you have, and invest it into stocks bitcoin and other crypto currencies I’m a living testimony from this
That’s so true I’m retired and I just started investing in these crypto currencies and I’ve made $29,000 with $3,000.
@Williams Wait, so you also know Loretta Wilkinson
It’s a smart thing to do honestly. I did my research and invested $100,000 into crypto with the help of an experienced financial analyst and now, I’m worth 500% profit. My portfolio is $542,000.
@Williams Lol, it was like a dream to me at first, Loretta Wilkinson is really good with what she does. And she's has helped me achieve a lot in this space. She trades for me and earns me weekly and monthly profit
Wow, very helpful mate. Exactly what I needed to hear today
Great great reminder! Learning machines!
You can't change someone's nature, tomorrow will not be different than today.
i agree, i made lot of mistakes by reading material in wrong order
What are some books on these fundamental subjects?
Karl Marx lived during a time of significat changes, where the peasants were moving into the cities and the divide was clear between the factory workers and owners. There were no labor laws, OSHA etc. That is not the case today. We have more middle class jobs that cater to other middle class folks e.g. managers, accountants, small business owners. Karl Marx is anachronistic. Just because it's a "classic" doesn't mean it's correct or applies today. Context is important.
Thanks for these videos ❣️
I was just thinking that... this channel is awesome
thank you!
Noise in the back, limit the background noise and you’ll be golden
5:35 - become an expert in new thing is more important
this is just mindblowing
great talk - but the background noise is such a bummer
Great advice by Naval. I also don’t think it’s perfect though.
I would say knowing what the best path is for you. People need to be careful blindly listening to everyone like Naval or Gary V who knows he doesn’t have all the answers. It’s a custom plan.
It’s not even being a perpetual learner, since we all know rich people who are idiots, it’s really understanding all the different paths and the best one for you.
If you know rich idiots then which are you? Poor intelligent? Or unintelligent and poor?
Don’t knock anyone with a different strategy to you 😉
You are right, this comment deserves to be pinned!
Which are the best BASICS SKILLS for Naval??? Besides speak and be persuasive
Learning
@@gabriel_augustob Tks Gabriel
Maths and science are great things to know the fundamentals of, and they will undoubtedly sharpen your thinking skills, but without some kind of training in the fundamentals of philosophy and critical thinking, you won't progress much. I recommend Aristotelian philosophy for a blend of logic and experience.
Loving your Naval snippets
thank you :)
great video with text included.
Thanks :)
Video filled with quality content
“Just learn how to learn”
👍
Awesome content 💯 please keep it up
Thank you :)
1:20
If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.
I love your notes section.
Do you have any blog as well?
Thank you :)
I created a page on Wix:
jfroment4a.wixsite.com/pickingnuggets
1:19 God, what should I be Working on----
Really nice and concise
This is excellent, thank you.
Welcome :)
This isa great channel, glad i found it !
Thank you :)
Good one
For me, it has been learning how to invest in the companies in my country. I do dividend reinvesting. Buy 'n hold. So I keep working, but now I am content with not particularly advancing in my field of expertise. It is there because I once loved it. I still do. But it is not true that every second of every day is a passion. I earn a decent living. It pays the bills.
Thank you for this video.
In a video on Charlie Munger, he was shown talking about 'inanaities'. Lolapalooza's. I rewatched it a couple of times to finally understand that what he was telling his audience, was to train your mind to detect anomalies. and decide if you want to exploit them or not. Maybe he was talking about the stock market. Maybe he was talking about other things in life.
Love it!!!
Subbed! You are doing a great service man. I guess you also admire structural thinking. I can see that, you distill concepts into flow based notes. Same here.
Excellent
Thank you!
Nice sharing..Thank you
LOL, "macroeconomics is trash" - Gold.
what's the background noise for?
I think is a fireplace
Banging and clanging in the gym? Very efficient time mgmt.
The book full blockhead/ignorantly read/with loads of learned lumber/in his head - Alexander Pope
Where can we participate in these discussion?
In Periscope. But he hasn't done it for 2 years now (I think)
Nice stuff
Thanks for watching!
Bad advice. Reading is not taking action. If you are to read, read about your chosen pursuit but the most value by far is always in taking action
2+2=fish too
Nailed it.
Think of Descartes when he talks about solid foundations
Rule 1: PERPETUAL EDUCATION
Rule 2: Follow Rule 1
Well I'm gonna start with Egyptian hieroglyphics now!
The crypto of the past!
I first read the video title as: Naval Ravikant | The Most Important Skill To Get Rich - And Debunking The Lies [with Charlie Murphy] 🤣
I disagree that economics books shouldn't scare you. Not because they are hard (which surely they are), but because a lot of the ideas are incorrect. Keynes, Samuelson, and their kind---or anyone calling for fewer property rights and more regulation and external control (which, unfortunately, includes most economists)---these are enemies to prosperity and freedom and the common good, no matter how well intentioned such authors may be. Yes, they are scary. Want to learn true economics ideas? Menger, Bohm-Bawerk, Mises, Rothbard, Hoppe. Time _well_ invested. Economics is critical to one's knowledge of the world.
That’s just your opinion and quite a confused one. Clearly you didn’t watch this video at least 4 minutes in or you haven’t studied economics. No one agrees on macro! Duh!?
So as an actual economist, you should keep your discrediting opinions on Keynes and others to yourself. To discredit Keynes for his ideas on stimulus then promote the theories of the others you have named is a joke. And i’m posting this so innocent comment readers who are interested in econ do not become deluded.
You need to learn the deeper contexts of these theories you’re egotistically dismissing.
Everyone should learn the true context of the economic theories by learning about the person who said them, when they were said and why they were explained the way they were.
Same way how many of Einstein’s formulas have been proved as incorrect throughout time, he was more concerned about changing the thought processes of those around him - rather than depicting existential truth. Therefore he is not wrong, although some of his variables are incorrect... we just have to learn to separate “fact” from truth.
How to learn how to learn?
Super 👌
be good at finessing